Solana News Today: Pudgy Penguins (PENGU) Surges 433% as ETF Launch Sparks NFT Floor Price Jump 100% in 15 Days

Pudgy Penguins (PENGU) has seen a dramatic 433% price surge over the past 30 days, drawing comparisons to meme coins like Dogecoin and Shiba Inu. This rally has been fueled by Canary Capital’s efforts to launch an exchange-traded fund (ETF) linked to the token, which has amplified speculative interest in Solana-based meme assets [1]. Alongside PENGU, Bonk (BONK), the largest Solana meme coin by market capitalization, has also gained momentum, rising 154% during the same period after the launch of its associated platform, LetsBonk.

The surge in PENGU has coincided with a sharp increase in demand for Pudgy Penguins non-fungible tokens (NFTs. Data indicates the floor price for these NFTs has jumped to 16 ether (ETH), equivalent to approximately $58,320, marking a 100% increase in just 15 days. This surge in NFT value suggests growing confidence in the broader Pudgy Penguins ecosystem. Meanwhile, social media sentiment around PENGU remains overwhelmingly bullish, though analysts caution that a temporary pullback could create a more attractive entry point for latecomers. Trader Cold Blooded Shiller, with 339,000 followers on X, has signaled a target price of $0.035 as a potential entry level, predicting renewed upward momentum after a short-term dip [1].

Technical analysis highlights key support levels for PENGU. The token’s daily chart shows a defined uptrend that could serve as both support and resistance in the coming days. Analysts suggest that if the $0.037 level holds, PENGU could rise to $0.06, representing a 63% increase. However, a breakdown below this threshold might trigger a retest of the 9-day and 21-day exponential moving averages (EMA), which could act as a final defense for buyers [1]. Despite a 10% price decline recently, trading volumes remain high, with 75% of the token’s circulating supply actively traded. The Relative Strength Index (RSI) at 74 underscores ongoing bullish momentum, though traders are advised to monitor for signs of overextension.

The broader Solana meme coin market has benefited from renewed institutional interest, with Canary Capital’s ETF proposal signaling a potential shift in market dynamics. While PENGU’s trajectory mirrors that of earlier meme coins, its performance is also tied to broader trends in decentralized finance (DeFi) infrastructure. For instance, Bitcoin Hyper (HYPER), a layer-two bridge connecting Bitcoin and Solana, has raised $4.5 million to facilitate BTC-based DeFi activity. This development could indirectly bolster Solana meme coins by enabling cross-chain liquidity, though HYPER’s presale is separate from PENGU’s current dynamics [1].

Market participants remain divided on the sustainability of PENGU’s rally. While short-term technical indicators suggest further gains, the token’s reliance on speculative demand and social media hype introduces volatility. Analysts emphasize that any pullback to $0.035 or below would need to be treated cautiously, as it could either signal a consolidation phase or a deeper correction. The recent NFT price surge and ETF-related speculation have amplified PENGU’s visibility, but long-term adoption hinges on broader use cases beyond memetic value.

Source: [1] [Pengu Price Prediction: Pudgy Penguins Token Blasts 433% – Next Dogecoin or Shiba Inu?] [https://cryptonews.com/news/pengu-price-prediction-pudgy-penguins-token-blasts-433-next-dogecoin-or-shiba-inu/]