Why is the price of $PENGU rising
Pudgy Penguins (PENGU) — a meme coin based on Solana, associated with the popular NFT collection Pudgy Penguins, has been demonstrating steady growth for over a week. According to BeInCrypto, at the time of publication, it is trading at $0.015, which indicates an increase of 8.58% in the last day.
At the same time, the overall market capitalization of cryptocurrencies has decreased by 3.18%, highlighting the strength of PENGU amid a general downturn. Moreover, the meme coin has also made it to the list of the most popular cryptocurrencies according to CoinGecko.
Several factors may explain the success of PENGU. First, the NFT segment is actively developing. According to Artemis, the market has increased by 33.8% over the past week. According to Cryptoslam, the trading volume of NFT Pudgy Penguins has increased by 157% in the last 24 hours.
Institutional interest in the meme coin is also growing. Last week, Cboe BZX submitted Form 19b-4 to the SEC for the listing and trading of the proposed PENGU-ETF from Canary Capital.
