Pudgy Penguins (PENGU) skyrocketed 33% in 24 hours to $0.01959, extending its weekly gain to 24.8%, fueled by aggressive whale buying and anticipation of a potential spot ETF. The Solana-based memecoin rebounded from a $0.01445 intraday low after whales executed a $24 million net buy on June 28, overwhelming sellers and triggering technical breakouts.
Bullish momentum intensified when CBOE filed a 19b-4 application on June 25 for Canary Capital's PENGU ETF, proposing to hold both tokens and Pudgy Penguins NFTs. The SEC initiated a 21-day public comment period on July 9, mirroring historical patterns where similar ETF updates sparked rallies. Concurrently, whale holdings increased 1% in 24 hours, with addresses holding >$1M in PENGU now controlling 2.8% of supply.
Fundamental drivers include:
- Real-world utility partnerships with NASCAR, Lufthansa (reward miles), Walmart (merchandise), and Ledger (upcoming integration)
- Gaming adoption via "Pengu Clash" (2M waitlisted users)
- Exchange listings on Upbit and Revolut
- Tokenomics supporting 560.74K holders through fee-funded development and governance
Technically, PENGU/USDT broke consolidation near $0.0135 with $2 billion volume, though sell pressure created a -$95M net delta. It now trades above Ichimoku Cloud support ($0.01405), with resistance at $0.020. Funding rates flipped positive (0.0042%) for the first time in July, signaling renewed bullish derivatives positioning.