Why is the Pudgy Penguins (PENGU) Price up by 70% This Week?

TL;DR

• The penguin-themed meme coin reached a two-month excessive, whereas its market cap exceeded $1 billion.
• Analysts see potential for additional good points, with Ali Martinez noting putting similarities between PENGU’s present trajectory and PEPE’s previous breakout.

PENGU’s Rally

The Solana-based Pudgy Penguins (PENGU), which noticed the sunshine of day in direction of the top of final yr, seems to be among the many newest main traits within the meme coin area of interest. Its value jumped by over 70% prior to now seven days, reaching a two-month excessive of roughly $0.016.

Its market capitalization surpassed $1 billion, making PENGU the eighth-largest in its area and the 94th-biggest in the whole market. Because it rose up the crypto ranks, the asset flipped widespread meme cash like dogwifhat (WIF), FLOKI (FLOKI), Brett (BRETT), and others.

A number of elements have positively influenced the token’s valuation during the last week. One of many most important ones is Canary Capital’s filing with the CBOE to introduce a PENGU ETF. The fund, if it receives the required inexperienced mild, will turn out to be the primary in America to carry precise NFTs, particularly from the Pudgy Penguins assortment, together with the underlying meme token.

One other bullish aspect is Revolut’s resolution to make PENGU obtainable on its buying and selling platform. The listing provides Revolut’s multi-million-user base direct entry to the coin, boosting its publicity and contributing considerably to its current rally.

The Subsequent PEPE?

PENGU’s value improve as of late has led some trade individuals to consider that it might repeat the spectacular efficiency of PEPE, which was on the crest of the wave on a few events final yr. One one that spotted a possible similarity between the dynamics of the 2 meme cash is Ali Martinez. 

“PENGU is beginning to look loads like PEPE did earlier than it exploded! A each day shut above $0.015–$0.017, and this prepare could possibly be unstoppable,” he stated.

Shortly after, Martinez chipped in once more, foreseeing that PENGU could possibly be on the verge of an enormous rally towards $0.044. Such a transfer would characterize a 200% leap from present ranges.