beincrypto.com
While the majority of coins, including Bitcoin ($BTC), are in the red following the Senate’s passage of President Donald Trump’s ‘Big, Beautiful Bill’ and escalating tensions between Trump and Elon Musk, $PENGU has bucked the trend.
Over the past week, it has risen 56.2%, outperforming the broader market. This has led analysts to speculate that $PENGU could be on the verge of a rally similar to what happened with Pepe ($PEPE).
Why is $PENGU’s Price Rising?
Pudgy Penguins ($PENGU), a Solana-based meme coin tied to the popular Pudgy Penguins $NFT collection, has been on a notable rally for over a week. According to data from BeInCrypto, it was trading at $0.015 at press time. This represented an appreciation of 8.58% over the past day alone.
At the same time, the total crypto market capitalization has dipped 3.18%, highlighting $PENGU’s strength in a market otherwise in decline. Moreover, the altcoin has also secured a spot among the top trending coins on CoinGecko.
But what’s causing this massive rise? Several factors could be contributing to $PENGU’s performance. First, the $NFT market is showing strong growth overall. According to Artemis data, $NFT has been the top-performing sector over the last week, with a 33.8% uptick.
Additionally, interest in Pudgy Penguins is notably high. As per Cryptoslam, the trading volume of Pudgy Penguins NFTs is up 157% over the past 24 hours.
Meanwhile, institutional interest in the meme coin is also growing. Last week, Cboe BZX filed a 19b-4 form with the SEC to list and trade shares of Canary Capital’s proposed $PENGU ETF.
“With this filing, the $PENGU and Pudgy Penguins NFTs ETF becomes only the second meme coin-style ETF, after $DOGE, and first filing with NFTs to enter the SEC’s formal review process, joining coins such as $BTC, SOL, XRP, and $DOGE,” an analyst wrote.
Additionally, $PENGU’s availability on RevolutApp has significantly increased its accessibility. The mascot’s appearance at NASDAQ alongside VanEck, a major asset management firm, has also amplified its visibility.
Furthermore, the team is preparing to launch a mobile game, Pudgy Party, which could again draw substantial interest.
“Real studio. Real game. Built for a mainstream audience. Penguins everywhere. Don’t be surprised when it tops the App Store,” a product designer, Steve, stated.
But that’s not all. This increased attention has translated into actual accumulation. On-chain data from Nansen indicated significant whale activity. Over the past week, wallets holding over $1 million in tokens have acquired 240 million $PENGU tokens. This is a bullish signal that suggests large investors anticipate further gains.
Could $PENGU Be the Next $PEPE?
Amid these catalysts and strong price growth, analysts are drawing parallels to the explosive rally of $PEPE, another meme coin that experienced a dramatic surge in 2024.
Posts on X (formerly Twitter) highlight optimism, with some market watchers suggesting $PENGU’s viral potential could mirror $PEPE’s trajectory.
“Many aren’t ready for what $PENGU is about to pull. The similarities with $PEPE chart is uncanny. The narrative and momentum is there. The stars have never been so aligned,” an analyst posted.
Another analyst highlighted that the conditions for a short squeeze on $PENGU are aligning. This could drive the price of the meme coin even higher.
“Chart looks amazing & funding flipping super negative. Think this rips soon,” he said.
Thus, while the current conditions appear favorable, whether $PENGU can sustain its upward trend or replicate $PEPE’s success remains to be seen.