Pudgy Penguins (PENGU), a Solana-based memecoin, is making waves in the market after posting an impressive 34.2% surge in the last 24 hours.
The token is now trading at around $0.01975, boasting a market cap of over $1.24 billion and a staggering 24-hour volume of $845 million.
The surge comes amid growing excitement over a potential exchange-traded fund (ETF) tied to the token. The U.S. Securities and Exchange Commission (SEC) has acknowledged the filing for the Canary Spot PENGU ETF, according to a recent update by SolanaFloor.
This development has sparked speculation that institutional access to the memecoin could soon become a reality.
Adding fuel to the fire, popular crypto analyst @ali_charts called the current market structure a “textbook bullish retest,” suggesting a breakout toward $0.060 by August is likely. “Once the ETF gets approved, who knows how far this can go,” he said, sharing a chart that projects significant upside potential.
The PENGU rally is the latest example of how ETF narratives and social media hype continue to dominate memecoin price action. While the token’s trajectory is undeniably bullish for now, traders should remain cautious—volatility remains high, and rapid reversals are not uncommon in this sector.
Kosta Gushterov
Reporter at Coindoo
Kosta kam 2021 zum Team und hat sich mit seinem Wissensdurst, seiner unglaublichen Hingabe und seiner analytischen Denkweise schnell einen Namen gemacht. Er deckt nicht nur ein breites Spektrum an aktuellen Themen ab, sondern schreibt auch bemerkenswerte Rezensionen, PR-Artikel und Bildungsinhalte. Seine Arbeit wird auch von anderen Nachrichtenagenturen zitiert.
Source: https://coindoo.com/pengu-skyrockets-over-34-as-etf-buzz-fuels-momentum/