Pudgy Penguins (PENGU) Price: Token Rises 5% After Finding Support at $0.032

TLDR

• PENGU was added to Robinhood’s advanced trading platform, Robinhood Legend
• Pudgy Penguins NFT floor price increased 52% in the past 30 days
• PENGU bounced off key support at $0.032, suggesting potential 13% gain to $0.040
• The token is now the most valuable in the Solana ecosystem with a $2.2 billion market cap
• Canary Capital’s ETF application for PENGU is under SEC review, potentially the first meme coin ETF

Pudgy Penguins’ PENGU token has experienced a strong price increase of over 5% in the past 24 hours, currently trading at $0.035. This uptick follows Robinhood’s announcement that it added the token to its advanced trading platform, Robinhood Legend.

Robinhood Legend caters to active traders by offering advanced features like customization options, sophisticated indicators, and level-2 market data. The platform recently expanded access to users in the United Kingdom, potentially bringing more trading volume to PENGU.

The Solana-based project has seen its market value grow substantially in recent weeks. PENGU has climbed from the 8th to the 3rd position among the most valuable meme coins.

With a market capitalization of $2.2 billion, PENGU has become the most valuable token in the Solana ecosystem. It has surpassed well-established decentralized finance protocols including Pump.fun (PUMP), Raydium (RAY), and Jupiter (JUP).

A key driver behind PENGU’s recent success is Canary Capital’s application for an exchange-traded fund (ETF) linked to the token. The U.S. Securities and Exchange Commission (SEC) has acknowledged this application and started the review process.

ETF Potential and Market Impact

If approved, this would mark the first ETF linked to a meme coin. Such approval could drive higher trading volumes and increase awareness about the project among institutional investors.

The precedent could also benefit other meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB), which have their own ETF applications under review.

Brand recognition for Pudgy Penguins continues to grow beyond the crypto space. Pudgy Penguins toys are now available at Walmart, further expanding the project’s mainstream presence.

The project’s non-fungible tokens (NFTs) have also performed well, with their floor price jumping 52% over the past 30 days. This indicates growing interest in the broader Pudgy Penguins ecosystem.

From a technical perspective, PENGU appears to have found support at the $0.032 level on the 4-hour chart. This area previously served as a consolidation zone before the token’s recent upward movement.

Strong buying interest at this price point suggests whales may be accumulating tokens in anticipation of future price increases, particularly if the ETF application receives approval.

Price Targets and Whale Activity

Analysts are watching the $0.040 area as the next logical target for PENGU if the current uptrend continues. This represents a potential 13% gain from current prices.

The token has maintained its position above the 200-period exponential moving average (EMA) on the 4-hour chart, suggesting an intact uptrend. As long as the price stays above $0.031, the outlook remains bullish.

Pudgy Penguins Price

Some analysts have made more aggressive predictions, with targets as high as a 70% rally. Crypto strategist Olking has identified $0.12 as the next key resistance level, suggesting PENGU could follow a growth pattern similar to Dogecoin.

On-chain data shows increased whale activity, with large holders accumulating over 14 billion PENGU tokens during a recent price dip. Inflows totaling nearly $12 million this week indicate growing institutional interest in the token.

PENGU’s community engagement metrics are also impressive, with its social media presence now averaging nearly 1 billion daily views on X. The token currently has over 567,000 holder addresses.

The recent Robinhood listing brings PENGU to a broader audience, particularly those who may have been priced out of purchasing Pudgy Penguin NFTs directly.

PENGU last traded at $0.035 after bouncing strongly off key support, with technical indicators suggesting continued upward momentum.