There’s a little guy in the circle that stands out, called PENGU.
Don't be fooled by its cute name; it's not just a coin with a cute face. In the past two days, it has cut through the choppy market with a bloody path—rocketing nearly 20% in 24 hours, and trading volume has surged more than twice. Its market cap is expected to soar to 700 million USD, directly making a name in the meme sector on Solana.
At first, I didn't pay much attention until I saw the news about the ETF and suddenly realized that there might be more than just sentiment-driven speculation behind this.
Is PENGU's ETF really coming? Don't underestimate this move.
The Chicago Board Options Exchange (CBOE) has submitted a document to prepare for a 'Canary PENGU ETF' to be listed for trading. The document clearly states that 80-95% of this ETF's assets are in PENGU coins, and the remainder consists of fat penguin NFTs on Ethereum.
In simple terms: this is the first time someone has seriously packaged memecoins and NFTs and sent them to Wall Street.
Although this ETF does not fall under the traditional investment company regulatory framework (which sounds a bit like a gray area), as long as the SEC approves it without any surprises, it would mean a formal recognition for PENGU. Institutional players can finally participate in the meme market with legitimacy, which is a qualitative leap for a cryptocurrency's liquidity, recognition, and legality.
To be honest, my first reaction when I saw this news was: isn't this the familiar scent before Dogecoin took off back in the day?
Is it a short-term opportunity? The technical indicators reveal key information.
If you look at the technicals, PENGU's recent performance has been indeed impressive. On the 4-hour chart, it just broke through the key resistance level of 0.01187 USD, aiming directly for the upper target of 0.01255 USD. The trading volume surged, the Bollinger Bands opened up, and the RSI shot up to 78; it’s certainly overbought, but this surge genuinely has buying support behind it, not just a false rally.
Currently, it has also stood above the 20-day moving average (around 0.00984), and the overall trend is relatively strong. This current rebound from 0.0096 essentially started from a historical demand zone, making it a relatively clean launch.
That said, the RSI has already overheated, and the short-term momentum is indeed a bit tired. Whether it will pull back after a surge depends on whether there will be additional capital coming in.
Conclusion: Is PENGU the next DOGE? Perhaps not, but it’s not simple either.
Many people ask me, will #pengu become the 'next Dogecoin'? My answer is: the logic is different, but the momentum is indeed strong.
Dogecoin relied on Musk's hype and the collective efforts of retail investors, while PENGU this time has both meme sentiment and the backing of ETFs and institutions. If it really takes off, it would be the first 'Wall Street-recognized child' among meme coins.
Of course, how far it can go still depends on subsequent market heat, actions from the project side, and funding support. But as it stands, PENGU has evolved from being a 'meme coin' to a potential market player, no longer just a fast-food coin that’s traded and forgotten.
If you are still on the sidelines, perhaps consider this: this 'fat penguin' might really be able to soar in the meme world for a while.
That's all for this article! If you're feeling lost in the crypto world, why not consider strategizing with me and harvesting the profits from the market makers!