PENGU rose by 34%: Whales accumulated 200 million tokens, ETF application had a surprise effect.
The attention-grabbing name in the meme coin market, PENGU, has recorded a 34% increase in the last 24 hours, approaching the May peaks. This impressive rise is supported by both technical indicators and on-chain data.
Whale purchase of PENGU worth 2.4 million dollars.
One of the main triggers of the recent rise was the accumulation of PENGU by whale wallets. According to on-chain analyses, in just the last day, large investors - that is, addresses holding over $1 million in PENGU - purchased a total of 200 million PENGU tokens (approximately $2.4 million). This accumulation increased buying pressure on the market, contributing to the upward price movement.
Aggressive purchases by whales also create a positive signal for small investors and uplift market psychology.
ETF Application Became a Surprise Catalyst.
The rise of PENGU was not limited to whale purchases. The submission of the Canary PENGU ETF to the SEC resonated widely within the community. This development has raised expectations that PENGU may attract broader institutional interest, creating a new growth catalyst for the token.
Technical Outlook: Upward Signals Strengthening.
The Relative Strength Index (RSI) is above the neutral zone and supports an upward trend. The RSI level indicates one of the strongest technical momentum in recent weeks.
The price is currently trading at $0.0134 and approaching the critical resistance level of $0.01350.
If this resistance is broken with volume, PENGU is expected to test the range of $0.01370–$0.01375. Sustaining above this level may lead to a momentum towards the $0.01400 level.
Risks: A pullback may occur if support is broken.
However, if purchasing power falls short and the price retraces below $0.01335, selling pressure may come into play. In this case, PENGU may experience a pullback towards the support level of $0.0129, where the previous bounce started.
If this support is also broken, there is a risk of the price dropping to the $0.0100 level. This scenario can be read as a signal of weakness in upward momentum.
Conclusion: Strong Momentum, Uncertainty at Critical Thresholds.
PENGU is drawing attention with a strong upward trend and increasing investor interest. The sustainability of this movement, supported by positive developments such as the ETF application, will depend on price movement above $0.01350 and continued whale interest.
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