Pudgy Penguins Token PENGU Surges 64% on ETF Filing

PENGU, the token associated with the Pudgy Penguins NFT collection, has seen a remarkable surge of 64% over the past week, with an additional 13% increase in the last 24 hours. This rally has positioned Pudgy Penguins (PENGU) as one of the top weekly performers and has re-entered the top 100 cryptocurrencies by market capitalization. Despite these gains, PENGU is still 77% below its December 2024 peak of $0.06845.

The recent surge in PENGU's value can be attributed to growing interest in a proposed exchange-traded fund (ETF) that would combine exposure to Pudgy Penguins NFTs and PENGU tokens. On June 25, the Cboe BZX Exchange filed a 19b-4 form with the U.S. Securities and Exchange Commission to list the Canary PENGU ETF. This filing follows Canary Capital’s S-1 submission in March 2025, which proposed that the ETF would allocate 80–95% of its holdings to PENGU tokens and 5–15% to Pudgy Penguins NFTs. The hybrid structure of the ETF, which includes a small amount of Solana (SOL) and Ethereum (ETH) to facilitate network transactions, has attracted attention as a potential gateway for institutional investors to gain exposure to risk-on, community-driven digital assets.

The news of the ETF filing has sparked significant whale activity, contributing to the recent price rally and lifting sentiment in the broader NFT market. The floor price of Pudgy Penguins NFTs has risen to 9.65 ETH, reflecting a 2.7% increase over the past seven days, with the collection’s total market cap standing at $209 million. From a technical perspective, PENGU’s breakout has pushed it through resistance levels with rising volume. The relative strength index stands at 72.89, indicating overbought conditions. PENGU is currently trading above all major moving averages, including the 20-day SMA at $0.0108 and the 10-day EMA at $0.01294, suggesting sustained short-term strength.

If the current momentum continues, the $0.02 mark could be the next area of interest. Conversely, if buying pressure slows, the price might retreat toward support in the $0.012 range. While traders remain cautious as the market awaits clarity on the ETF’s approval path, the short-term outlook for PENGU remains positive. The excitement surrounding the ETF has also lifted sentiment in the NFT market, indicating a broader interest in community-driven digital assets. The hybrid structure of the ETF, which includes a small amount of Solana (SOL) and Ethereum (ETH) to facilitate network transactions, has attracted attention as a potential gateway for institutional investors to gain exposure to risk-on, community-driven digital assets. The news of the ETF filing has sparked significant whale activity, contributing to the recent price rally and lifting sentiment in the broader NFT market. The floor price of Pudgy Penguins NFTs has risen to 9.65 ETH, reflecting a 2.7% increase over the past seven days, with the collection’s total market cap standing at $209 million. From a technical perspective, PENGU’s breakout has pushed it through resistance levels with rising volume. The relative strength index stands at 72.89, indicating overbought conditions. PENGU is currently trading above all major moving averages, including the 20-day SMA at $0.0108 and the 10-day EMA at $0.01294, suggesting sustained short-term strength. If the current momentum continues, the $0.02 mark could be the next area of interest. Conversely, if buying pressure slows, the price might retreat toward support in the $0.012 range. While traders remain cautious as the market awaits clarity on the ETF’s approval path, the short-term outlook for PENGU remains positive.