Whale wallets increased PENGU holdings by over 11% in 30 days, showing strong accumulation amid growing investor confidence.
Trading volume surged over 270% to $338 million, pointing to heightened interest following the ETF filing from the Cboe exchange.
PENGU broke out of a falling wedge pattern, suggesting a potential 70% price rally if bullish momentum continues above key resistance.
Pudgy Penguins (PENGU) surged by 20% on June 28, trading at $0.0115 during press time. This sharp price increase was supported by an exceptional rise in trading volume, which climbed over 270% to reach $338 million. The volume explosion is an indicator of increased market demand in meme coins against the background of developments in institutional investors.
Whale Holdings and Institutional Exposure Increase
Recent on-chain data from Nansen shows that PENGU whales have increased their holdings by more than 11% over the past 30 days. The top 100 wallets also expanded their positions by 2.27%. Public figures and influential holders recorded a 7% rise in their PENGU assets, reflecting increased confidence and accumulation behavior across key addresses.
https://twitter.com/nansen_ai/status/1938816651979563385?s=46
Investor interest spiked after the Cboe exchange submitted a 19b-4 filing to list Canary’s proposed PENGU ETF. The application, if approved, would make Pudgy Penguins the second meme coin to be considered for a United States-based ETF after Dogecoin. The filing has intensified market expectations for institutional exposure, influencing whale accumulation and investor behavior.
Technical Indicators Signal Potential Upside
Technical analysis of the daily PENGU/USDT chart suggests a breakout from a falling wedge pattern. The coin has surpassed the wedge’s upper resistance line, indicating a potential continuation of the uptrend. If the daily candle closes above this resistance, traders expect a 70% rally, which could push the price to approximately $0.019.
The Relative Strength Index (RSI) has progressed to 57 level, which is bullish and is not yet overbought. The Awesome Oscillator also indicates decaying bearish momentum that once again adds more support to the upward price movement. Mixed along with these indicators were more whale eyebrows and ETF speculation. This means that there is a potentially good chance to make more gains.
The combination of increased whale activity, institutional ETF filings, and bullish technical patterns has driven Pudgy Penguins’ recent surge. As traders await confirmation of the wedge breakout, market conditions continue to favor an upward move.
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