While most coins, including Bitcoin (BTC), are sinking in red after the Senate passed the "Big, Beautiful Bill" of former President Donald Trump and escalating tensions between Trump and Elon Musk, PENGU is going against the trend.
In the past week, PENGU has increased by 56.2%, outperforming the overall market. This has led many analysts to predict that PENGU might be preparing for a price surge similar to what PEPE experienced.
Why is PENGU's price rising strongly?
PENGU – a meme coin on the Solana network associated with the famous Pudgy Penguins NFT collection – has experienced a notable growth lasting over a week. According to data from BeInCrypto, PENGU's current price is $0.015, increasing 8.58% in just 24 hours.
Pudgy Penguins (PENGU) Price Performance. Source: BeInCrypto
Meanwhile, the global cryptocurrency market capital decreased by 3.18%, highlighting PENGU's outstanding strength in a downward market. Additionally, PENGU is among the most trending coins on CoinGecko.
Several factors could explain this explosion. First, the NFT market is showing a strong recovery trend. Data from Artemis shows that NFTs are the highest-performing sector in the past week, with a 33.8% increase. Moreover, interest in Pudgy Penguins is rapidly growing. According to Cryptoslam, the trading volume of this NFT collection has increased by 157% in the past 24 hours.
Crypto Sector's Performance. Source: Artemis
Additionally, institutional interest is increasing. Cboe BZX recently filed a 19b-4 with the SEC to list Canary Capital's PENGU ETF. If approved, this would be the second meme coin-style ETF after DOGE, and the first ETF combining NFT to enter the official review process.
Furthermore, PENGU's support on RevolutApp has significantly expanded its accessibility. The project's mascot has also appeared on the NASDAQ alongside VanEck – one of the large asset management companies, helping to increase recognition.
Moreover, the PENGU team is preparing to launch the mobile game Pudgy Party, promising to attract significant public user interest. "Real studio. Real game. Made for the masses. Penguins everywhere. Don't be surprised if it tops the App Store," designer Steve shared.
Whales begin accumulating
All attention is being converted into positive action. According to on-chain data from Nansen, wallets holding over $1 million in tokens have bought 240 million PENGU in just the past week – a "bullish" signal indicating that large investors expect the price to continue rising.
Whales accumulating PENGU. Source: Nansen
Can PENGU become the next PEPE?
With clear momentum and strong growth, many are drawing parallels between PENGU and PEPE's explosion in 2024. On X (Twitter), posts are optimistic about PENGU's potential spread, and some analysts believe the similarity to PEPE's chart is "astonishing".
Some even suggest that PENGU is preparing for a short squeeze – a situation where price surges due to pressure from liquidating short positions. "Chart is too beautiful & funding is turning extremely negative. It might break out very soon," one analyst predicted.
However, despite the currently positive prospects, it is still too early to be certain that PENGU can replicate PEPE's miracle. Investors should closely monitor trends and related news to make appropriate decisions.
