Pudgy Penguins (PENGU) price prediction: Institutional FOMO get on board, challenging the target price of $0.05.

Pudgy Penguins (PENGU) Token has recently shown breakout signals, holding above the key support level after an increase in Whale activity, with prices rising over 20%. The market's interest in Canary Capital's PENGU/NFT ETF proposal has prompted institutions and Large Investors to get on board, driving the PENGU price higher.

Pengu breaks through, market sentiment is excited

According to CoinMarketCap data, PENGU has pumped over 20% in the past 24 hours, currently trading at $0.04420. With strong bullish momentum, PENGU seems poised to get on board the target price of $0.05.

The main factor driving this wave of pump is institutional "FOMO" (fear of missing out), especially after the PENGU/NFT ETF proposal put forward by Canary Capital was recognized by the SEC. If this proposal is approved, it will become the first memecoin ETF with NFT exposure.

In addition, the market capitalization of Pengu has surpassed $2 billion, driven by the buying activity of major investors.

PENGU has risen nearly 35% in a week

Pudgy Penguins Token performed strongly this week, with a rise of nearly 35% on Wednesday, and a 54% increase in 24-hour trading volume. Since July, Whale wallets have accumulated approximately 200 million PENGU Tokens, indicating active accumulation by institutions.

The rise of PENGU is also attributed to the recovery of the NFT market, the reduction of exchange risks, and the support from the technical aspects.

PENGU surpasses BONK and \TRUMP, becoming the largest memecoin on Solana

PENGU has currently surpassed BONK and TRUMP, becoming the largest memecoin by market capitalization on the Solana chain. The Token has achieved a trading volume of over $1.03 billion on a single CEX, while also gaining significant attention on other top exchanges.

Market Outlook:

Market observers are generally optimistic about the prospects of PENGU, believing it maintains a bullish trend, and the current technical signals point to further rise. "The price is holding above the breakout range, indicating potential upward momentum," a trader stated. "After the recent pump, we are seeing a healthy consolidation in the market, which is the best time for bulls to prepare for the next round of rise."

Conclusion: Pudgy Penguins (PENGU) Token has shown strong pump momentum driven by Whale activity and ETF proposals. The market is optimistic about its future growth potential, and it is expected that PENGU may continue to rise in the short term.