The price of PENGU token surged 34% in the last 24 hours after the Chicago Board Options Exchange (CBOE) officially filed for a Canary PENGU ETF with the U.S. Securities and Exchange Commission (SEC) on June 29. This rally was further fueled by aggressive accumulation from whale investors, who purchased over 200 million PENGU tokens worth $2.4 million, pushing the token to its highest level in three months.
👉 Discover how ETF approvals impact crypto markets
ETF Filing Sparks Market Enthusiasm
The CBOE’s ETF submission has ignited fresh optimism for Pudgy Penguins, marking the first ETF explicitly tied to the PENGU token. This development is seen as institutional validation for NFT-based community tokens, potentially broadening adoption among traditional investors who typically avoid high-risk altcoins.
Key Factors Driving the Rally
- Institutional Interest: ETF filings signal growing mainstream acceptance.
- Whale Activity: Large purchases create immediate buy-side pressure.
- Technical Breakout: Price approaches critical resistance levels.
Whales Accumulate 200 Million Tokens
On-chain data from Nansen reveals that high-net-worth wallets (holding over $1 million in assets) acquired 200+ million PENGU tokens within 24 hours. This $2.4 million buying spree transformed market dynamics from stagnant to bullish, triggering a retail investor FOMO effect that amplified trading volume.
👉 Learn about whale wallet strategies
PENGU Hits Highest Price Since May
Currently trading around $0.0134, PENGU faces a crucial resistance zone between $0.0135–$0.0140. A successful breakout could propel the token toward $0.0151, while failure to sustain momentum may trigger a correction to $0.0129 or lower.
Price Action Analysis
| Level | Significance |
|---|---|
| $0.0135–0.0140 | Key resistance area |
| $0.0151 | Next target if resistance breaks |
| $0.0100 | Major support level |
RSI Indicates Bullish Momentum
The Relative Strength Index (RSI) shows strong bullish divergence, reaching its highest point in weeks. While this suggests dominant buying pressure, traders should remain cautious of potential fake breakouts given the token’s inherent volatility.
Conclusion
The convergence of institutional interest (via ETF filing) and whale accumulation has propelled PENGU to multi-month highs. Market participants will closely watch the $0.0135 resistance for confirmation of continued upward movement or impending correction.
FAQ
1. What is PENGU token, and why is it rising?
PENGU is the native token of Pudgy Penguins NFT project. Its price surged due to the ETF filing announcement and whale accumulation.
2. How do ETFs affect crypto prices like PENGU?
ETFs provide institutional exposure, often validating assets and attracting new capital inflows.
3. Why do whale purchases impact token prices?
Large-scale buys create immediate demand, triggering algorithmic trading and retail investor participation.
4. What’s PENGU’s critical resistance level?
The $0.0135–$0.0140 range is the immediate resistance. A breakout could target $0.0151.
5. Is PENGU a high-risk investment?
Yes, community-driven tokens exhibit extreme volatility with rapid price swings in both directions.
6. What’s the long-term outlook for PENGU?
Dependent on ETF approval progress and sustained community engagement. Monitor SEC updates.
Disclaimer: Cryptocurrency investments carry significant risk. Conduct independent research (DYOR) before trading.