PENGU Token Surges 64% as Pudgy Penguins ETF Proposal Sparks Market Rally
- Antwan Koss
- July 2, 2025
- Analytics
- 0 Comments
PENGU Token Surges as ETF Proposal Gains Traction
The Solana-based PENGU token, tied to the popular Pudgy Penguins NFT collection, has seen a wild ride lately—up 64% in the past week alone, with another 13% bump in the last 24 hours. That kind of movement doesn’t happen without a reason, and right now, the buzz seems tied to a potential ETF that could bring more institutional money into the mix.
Even with the gains, PENGU is still way off its all-time high of $0.06845 from December 2024. It’s down about 77% from that peak, which makes you wonder whether this rally has legs or if it’s just another short-term spike.
Why the Sudden Jump?
The big news driving the action is a filing with the SEC by the Cboe BZX Exchange on June 25. They’re looking to list something called the Canary PENGU ETF, which would bundle PENGU tokens (80–95% of the fund) with Pudgy Penguins NFTs (the remaining 5–15%). It’s an unusual setup—most crypto ETFs stick to just the tokens—so it’s caught a lot of eyes.
This isn’t entirely out of the blue. Canary Capital first floated the idea back in March 2025 with an S-1 filing. The ETF would also hold small amounts of Solana (SOL) and Ethereum (ETH) to handle transactions, but the real story here is the mix of NFTs and tokens. Some see it as a way for bigger investors to dip into riskier, community-driven assets without diving straight into the NFT market themselves.
Whales and NFT Prices Feeling the Heat
Since the filing, there’s been noticeable whale activity—big moves by deep-pocketed traders—helping push the price up. The excitement isn’t just limited to the token, either. The Pudgy Penguins NFT floor price has inched up to 9.65 ETH, a 2.7% rise over the past week. The whole collection’s market cap sits at $209 million, which isn’t shabby, though it’s still a niche compared to blue-chip NFTs from a few years back.
From a technical standpoint, PENGU looks strong. It’s broken through resistance levels with solid volume, and it’s trading above key moving averages like the 20-day SMA ($0.0108) and the 10-day EMA ($0.01294). The relative strength index (RSI) is at 72.89, though, which suggests it might be overbought—meaning a pullback could be coming.
What’s Next for PENGU?
If the momentum holds, $0.02 could be the next target. But if buying slows down, we might see a retreat toward $0.012, where some support could kick in. Traders seem optimistic, but there’s also hesitation—no one’s sure yet whether the SEC will actually greenlight this ETF.
For now, the short-term outlook is positive, but as always in crypto, things can flip fast. Whether this is the start of a bigger move or just another blip probably depends on how regulators respond. Either way, it’s got people talking.
