PENGU Price Soars 64% in a Week as NFTs Surge in Value!
PENGU Token Surges 64% Amid ETF Application Buzz
Recent Price Surge and Market Position
In the last week, the PENGU token has experienced a remarkable increase of 64%, with an additional 13% rise over the past 100 hours. This impressive performance has propelled the digital asset back into the top ranks of cryptocurrencies by market capitalization.
Despite this recent surge, PENGU remains significantly below its all-time high of $0.06845, which was reached in December 2024, representing a decline of 77% from that peak.
ETF Application Sparks Interest
The renewed interest in PENGU can be attributed to a recent application for a new exchange-traded fund (ETF) submitted by Cboe BZX to the U.S. Securities and Exchange Commission. If the ETF is approved, it will allocate a substantial portion of its assets—between 80% and 95%—to PENGU tokens, while dedicating 5% to 15% to NFT Pudgy Penguins.
This announcement has positively influenced market sentiment, particularly in the NFT sector. Currently, the minimum price for Pudgy Penguins stands at 9.65 ETH, reflecting a 2.7% increase over the past week. The overall market capitalization for this collection has reached $209 million.
Analysts Predict Continued Growth
Market analysts are optimistic about PENGU’s potential for further appreciation.
Technical Analysis and Market Indicators
From a technical standpoint, PENGU’s recent breakout has allowed it to surpass key resistance levels, supported by a rise in trading volume. The relative strength index (RSI) currently sits at 72.89, indicating that the asset may be overbought.
PENGU is trading above all significant moving averages, including the 20-day simple moving average (SMA) at $0.0108 and the 10-day exponential moving average (EMA) at $0.01294, suggesting robust short-term momentum. Should this trend continue, the next target price could be around the $0.02 mark.
