PENGU's price is up 20% due to increased whale interest due to Cboe's ETF filing. A wedge breakout suggests another 70% rally is imminent.
Pudgy Penguins (PENGU) is outperforming the rest of the crypto market today, June 28, with an impressive 20% gain in 24 hours to trade at $0.011 at press time.
Daily trading volume also jumped to $294 million after a 24-hour jump amid high market interest due to a whale rally and Cboe's 19b-4 filing for the PENGU ETF.
Amid strong bullish sentiment, could $PENGU price surge another 70% as the bullish pattern suggests? Let’s find out.
PENGU price surges on whale accumulation following Cboe ETF filing.
One of the main factors driving the PENGU price rally today is whale accumulation. According to Nansen data, PENGU Whales has increased its holdings by more than 11% in the past 30 days. Over the same period, the top 100 wallets also saw their holdings increase by 2.27%.
Public figures are also increasing their exposure to the Pudgy Penguins meme coin, with their holdings increasing by over 7%. This highlights that $PENGU may be in an accumulation phase where large addresses are trying to maximize their profits.
The ongoing whale positioning follows an unexpected surge in institutional interest in the token.
Cboe Trading Platform has filed a 19b-4 filing for Canary’s PENGU ETF. The filing indicates that Cboe Exchange plans to list and offer the ETF if it receives regulatory approval.
The filing makes Pudgy Penguins the second meme coin to receive an ETF filing after Dogecoin (DOGE). This is bullish for PENGU price, and could lead to a significant rally to the upside as this bullish technical structure suggests.
Is Another 70% Rally Impending?
The daily timeframe chart suggests that $PENGU ’s price rally may just be getting started, with bulls targeting another 70% move to the upside. This is due to the price breaking out of the falling wedge pattern, which is a sign that a bullish reversal is underway.
After today's 20% gain, this top meme coin has flipped through resistance at the upper trendline of the wedge, and traders are keeping a close eye on whether today's candlestick will close above that resistance. If it does, it will confirm a falling wedge breakout for PENGU.
The rally following this breakout is around 74%, and it will push the price of PENGU to $0.019. The last time Pudgy Penguins meme coin traded at this level was back in January 2025.
The RSI, with a reading of 57, has made a high and is currently in bullish territory, indicating that the price is likely to continue to rise.
This RSI reading also indicates that there is still room for further upside, as it has yet to reach overbought levels. Meanwhile, the AO histograms show that the bearish momentum is weakening, making a 74% rally from a wedge breakout more likely.
So, as optimism grows for ETF approval after the recent Cboe filing, and whales move to increase their holdings,
PENGU's price looks primed for further gains after today's 20% rally. The daily timeframe suggests another 70% rally could be imminent.
#pengu #bullish #Whale.Alert #MarketSentimentToday #Market_Update