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

TL;DR

• The penguin-themed meme coin reached a two-month high, while its market cap exceeded $1 billion.
• Analysts see potential for further gains, with Ali Martinez noting striking similarities between PENGU’s current trajectory and PEPE’s past breakout.

PENGU’s Rally

The Solana-based Pudgy Penguins (PENGU), which saw the light of day towards the end of last year, appears to be among the latest major trends in the meme coin niche. Its price jumped by over 70% in the past seven days, reaching a two-month high of roughly $0.016.

Its market capitalization surpassed $1 billion, making PENGU the eighth-largest in its field and the 94th-biggest in the entire market. As it rose up the crypto ranks, the asset flipped popular meme coins like dogwifhat (WIF), FLOKI (FLOKI), Brett (BRETT), and others.

Several factors have positively influenced the token’s valuation over the last week. One of the main ones is Canary Capital’s filing with the CBOE to introduce a PENGU ETF. The fund, if it receives the necessary green light, will become the first in America to hold actual NFTs, specifically from the Pudgy Penguins collection, along with the underlying meme token.

Another bullish element is Revolut’s decision to make PENGU available on its trading platform. The listing gives Revolut’s multi-million-user base direct access to the coin, boosting its exposure and contributing significantly to its recent rally.

The Next PEPE?

PENGU’s price increase as of late has led some industry participants to believe that it could repeat the impressive performance of PEPE, which was at the crest of the wave on a couple of occasions last year. One person who spotted a potential similarity between the dynamics of the two meme coins is Ali Martinez. 

“PENGU is starting to look a lot like PEPE did before it exploded! A daily close above $0.015–$0.017, and this train could be unstoppable,” he said.

Shortly after, Martinez chipped in again, foreseeing that PENGU could be on the verge of a massive rally toward $0.044. Such a move would represent a 200% jump from current levels.