Pudgy Penguins token, PENGU, has caught the market’s attention after a steep 26% daily jump brought its price to $0.0288.
The move caps off a powerful seven-day rally, with the token up 91% over the past week and 195% over the past month. Pudgy Penguin’s (PENGU) market capitalization is now approaching $2 billion. The latest surge has prompted new comparisons to previous memecoin breakouts.
Investor interest is rapidly growing. Trading volume over the last 24 hours has surged past $2.07 billion, a 226% rise that signals renewed conviction. Derivatives activity has also exploded, with volume reaching $5.27 billion and open interest climbing to $419.25 million, according to Coinglass data.
These numbers point to an increase in speculative activity as traders place directional bets on ongoing price action. The current rally is being fueled by more than momentum.
On June 14, analyst Ali Martinez posted a chart overlay showing PENGU tracking PEPE’s past performance closely. But he noted a key difference in that Pudgy Penguins has real-world revenue, with over $13 million in toy sales through retailers like Walmart and Target.
Its model shares IP royalties with NFT holders, and it continues to build a cross-platform gaming ecosystem. Martinez believes PENGU is early in its growth cycle, especially with a spot exchange-traded funds now in the mix.
That ETF angle has been advancing. Canary Capital’s spot ETF application was acknowledged by the U.S. SEC on July 9. Up to 95% of the proposed fund would be allocated to PENGU and associated NFT assets. If approved, it would position PENGU as the second memecoin after Dogecoin (DOGE) to reach this regulatory milestone, potentially opening the door to institutional flows.
On the technical side, the trend is still very bullish. The price has broken above the upper Bollinger Band, indicating extreme momentum. Despite the obvious strength, there may be some consolidation because the relative strength index is at 81, which is well into overbought territory. However, strong volume and tight candles show that buyers are still in control.
As of now, there are no clear reversal patterns. The moving averages are still stacked in the bulls’ favor, with the 50-day EMA and 20-day SMA significantly below the current price, supporting the breakout structure.
A continuation toward the $0.035–$0.04 range is feasible if PENGU maintains its momentum. The 20-day moving average near $0.025 could provide support in case of a correction. Although overbought signals call for caution, bulls are currently in control.
