PENGU, a memecoin token inspired by Pudgy Penguins, is surging after positive signals from the ETF filing recognized by the SEC of the United States.
The ETF wave has driven PENGU's price up nearly 30%, reaching a 6-month high and becoming the top-performing cryptocurrency in the Top 100 currently.
MAIN CONTENT
The ETF filing primarily investing in PENGU helps the Token to rise sharply and trading volume exceeds $700 million per day.
Experts state that the chart and positive cash flow indicate the potential for continued growth of PENGU.
Forecast for a sustainable upward trend towards 2025 with positive price targets if the ETF is approved.
How is the ETF contributing to the increase in PENGU's price?
The recognition of Canary's spot ETF filing by the U.S. Securities and Exchange Commission (SEC) has sparked a positive wave for PENGU, helping this Token increase over 33% in the last 24 hours. The price is trading at around $0.01956, pushing the market capitalization over $1.2 billion with a high daily trading volume of over $700 million.
With the expected investment weight in the ETF accounting for 80 to 95% in PENGU Token and about 5–15% in Pudgy Penguins NFTs, the ETF filed by Cboe BZX Exchange is attracting significant attention. The most recent update to the filing was in July and is currently in the public comment phase.
‘The ETF investing deeply in PENGU reflects confidence in the growth potential and development of the AbstractChain ecosystem,’ said CEO Canary at the cryptocurrency conference in April 2024.
CEO Canary, April 2024
What do analysts say about the potential of PENGU?
Technical analysis indicates that PENGU's recent chart shows a typical cup-and-handle pattern, a sign of a sustainable bullish trend. Analyst Mac stated that PENGU has broken the old peak, paving the way for a target of $0.027, with strong resistance still quite far.
Ali Martinez stated that PENGU is undergoing a 'perfect retest' and predicts the price could reach $0.060 by August. If the ETF is approved, the price could rise even more due to significant capital inflow into the market.
Increasing trading volume, positive funding rates, and whales buying more also reinforce confidence in this Token.
PENGU is not just a memecoin but also a gateway to investing in the booming AbstractChain ecosystem,” analyst Mac stated on social media in July 2024.
Mac, Cryptocurrency Analyst, 2024
What are the price trend forecasts and targets for PENGU in 2025?
PENGU's price is currently holding above important moving averages, with the RSI index above 60 and support around $0.015. Experts evaluate that the upward momentum could continue as trading volume increases.
The Token price is expected to increase by an additional 15–20% in July, reaching the range of $0.0185 – $0.0192, and if greater momentum appears, the next target could be $0.0225. Analyses show that PENGU will maintain a positive upward trend, especially if the ETF is officially approved in 2025.
Comparison table of PENGU's performance with other memecoins in the Top 100
Criteria PENGU Memecoin A Memecoin B Price increase 24h 33% 12% 7% Market capitalization $1.2 billion $800 million $500 million 24h trading volume $700 million $150 million $90 million Price increase potential (according to analysis) Very high Average Low
Frequently Asked Questions
What is PENGU and the origin of this Token? PENGU is a memecoin token inspired by the Pudgy Penguins NFT collection, developed on the Solana platform. Why does the ETF news have a strong impact on PENGU's price? The ETF filing focuses most of its investment in PENGU, creating a significant influx of capital, boosting investor confidence. What signals does PENGU's technical chart currently show? The cup-and-handle pattern and RSI above 60 indicate a sustainable bullish trend, consistent with market indicators. What is PENGU's price target in the near future? Analysis forecasts that the price could exceed $0.027 and even reach $0.060 if the ETF is approved. What does the approval of the ETF mean for PENGU? The official ETF will attract more investment capital, creating upward momentum and increasing liquidity for the Token.
Source: https://tintucbitcoin.com/pengu-tang-30-nho-spot-etf/
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