PENGU, a memecoin on the Solana platform, is witnessing significant price increases thanks to optimism from the ETF and a surge in trading volume. In the past 24 hours, the price of PENGU has increased nearly 20%, currently hovering around $0.01111. With a market capitalization of $699.85 million and a 24-hour trading volume up 226% to $278.63 million, the current investment sentiment is quite optimistic. Will this price increase continue? Is there potential for a rise similar to Dogecoin? Let's explore the price analysis to identify potential targets for PENGU.
Canary PENGU ETF: Memecoin Meets Wall Street
CBOE BZX Exchange has officially filed for permission with the US SEC to list and trade the Canary PENGU ETF. This promises to be a unique investment fund combining Memecoin and NFTs. According to the filing, the ETF will allocate 80-95% of its portfolio to PENGU Tokens, while the remainder will consist of Ethereum-based Pudgy Penguins NFTs.
Sponsored by Canary Capital Group LLC, this fund is formed as a trust under Delaware law, but will not register under the Investment Company Act of 1940. This is seen as a major step in combining meme assets with traditional financial vehicles. If approved, the ETF could bring institutional exposure to PENGU, potentially helping to build credibility for memecoins in the eyes of both retail and institutional investors.
PENGU Price Analysis
On the 4-hour chart, PENGU has surpassed the significant resistance level at $0.01187, now aiming for the next resistance level at $0.01255. The Bollinger Bands indicator shows wide volatility, while the RSI has risen to 78.12, warning of overbought conditions but also showing strong growth momentum.
Volume indicators also support this upward trend, with a 226% increase in daily trading volume indicating significant accumulation. The support line near $0.00960 reflects historical demand zones, and the current price standing above the SMA 20 line at $0.00984 further confirms the upward trend.
If buying pressure continues to hold, PENGU could test $0.01255 in the near future. However, a short-term correction may occur as the RSI is currently overbought.
Frequently Asked Questions (FAQs)
What is Pengu Coin?
Pengu Coin is a memecoin based on Solana, inspired by the Pudgy Penguins NFT collection, combining humor in cryptocurrency with community-based value.
Will Pengu Coin reach $1?
The $1 level will require significant growth in market capitalization. While this may happen in the long term, the likelihood is very low without greater adoption, expanded utility, or demand from the ETF.
Where to buy Pengu Coin?
Pengu is available to purchase on major cryptocurrency trading platforms like Binance, Coinbase, Orca, and many others.
Is Pengu Coin a good investment?
Yes, Pengu Coin could be a good short-term option, especially with its position in the memecoin category.
Source: https://tintucbitcoin.com/new-dogecoin-killer-cryptocurrency/
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