crypto.news
$PENGU, the Solana-based token associated with the Pudgy Penguins $NFT collection, has jumped 64% over the past week, climbing another 13% in the last 24 hours.
Due to the recent rally, Pudgy Penguins ($PENGU) is now one of the top weekly performers and has re-entered the top 100 cryptocurrencies by market capitalization. The token is still 77% below its December 2024 peak of $0.06845 despite the gains.
The recent surge follows growing interest in a proposed exchange-traded fund that would combine exposure to Pudgy Penguins NFTs and $PENGU tokens. On June 25, the Cboe BZX Exchange filed a 19b-4 form with the U.S. Securities and Exchange Commission to list the Canary $PENGU ETF.
The filing followed Canary Capital’s S-1 submission in March 2025. The ETF would allocate 80–95% of its holdings to $PENGU tokens and 5–15% to Pudgy Penguins NFTs, according to the proposal.
To enable network transactions, a tiny amount of Solana (SOL) and Ethereum ($ETH) would be retained. This hybrid structure has attracted attention as a possible gateway for institutional exposure to risk-on, community-driven digital assets.
News of the filing led to significant whale activity culminating into the recent price rally. The excitement has also lifted sentiment in the $NFT market. The Pudgy Penguins floor price is currently 9.65 $ETH, up 2.7% over the past seven days, according to $NFT Floor Price data. The collection’s total market cap stands at $209 million.
From a technical perspective, $PENGU’s breakout has pushed it through resistance levels with rising volume. At 72.89, the relative strength index is high, indicating overbought conditions. $PENGU is trading above all of the major moving averages, such as the 20-day SMA at $0.0108 and the 10-day EMA at $0.01294, indicating sustained short-term strength.
$PENGU token rally? - 1"> The $0.02 mark might be the next area of interest if the current momentum holds. On the other hand, the price might retreat toward support in the $0.012 range if buying pressure slows. Although traders seem cautious as the market awaits clarity on the ETF’s approval path, the short-term outlook is still positive.