Pudgy Penguins’ $PENGU Jumps 37% Amid ETF Filing and Validator Launch on Solana
Memecoins have returned to the center stage, with Pudgy Penguins’ native token, $PENGU, leading through a sharp 37% rally.
Despite concerns that the broader memecoin “supercycle” may be fading, recent moves suggest renewed investor appetite, especially around Solana-based speculative tokens.
After falling from grace earlier this year, the memecoin market has seen surprise breakouts from coins like $FARTCOIN, $BONK, and now $PENGU, reigniting enthusiasm among degens and speculative traders.
$PENGU Rebounds from Deep Correction After NFT Airdrop Dump
DappRadar ranked Pudgy Penguins as the top NFT project globally, recording over $4.36 million in trading volume and a market cap exceeding $2.5 billion. But the euphoria didn’t last.
Within three days, Pudgy Penguins’ native token, $PENGU plummeted to $0.023 as airdrop farmers and NFT flippers dumped their holdings.
At the time of the airdrop, holders received tokens worth around $60,000 per NFT, valued at just $14,000. The NFT floor price has since nosedived from 27 ETH to around 10 $ETH.
Despite this downturn, $PENGU remains central to the Pudgy Penguins ecosystem, enabling governance participation, exclusive content access, and community engagement via the Abstract chain.
ETF Filing and Solana Validator Ignite Fresh Momentum
Momentum returned on March 28 when Canary Capital filed an S-1 registration with the U.S. SEC to launch an ETF focused on $PENGU and Pudgy Penguins NFTs.
If approved, it would mark the first U.S.-based ETF to directly hold NFTs, alongside crypto assets like Ethereum and Solana.
Further support came on April 15, when $SOL Strategies unveiled a partnership with Pudgy Penguins to launch a dedicated Solana validator.
Live now, the $PENGU Validator offers APY rewards between 7% and 11% for delegators, supporting both the Solana network and the Penguins’ broader ecosystem.
Technical Analysis: $PENGU Eyes $0.01 Reclaim After Breakout
The 4-hour chart for $PENGU/$USDT shows a bullish breakout above consolidation within an ascending channel.
After touching $0.008789, the token trades around $0.008411, with the 20 EMA and 50 EMA trending upward, a typical indicator of strength.
If the price retests the $0.006725 level, a former resistance now turned support, a strong bounce could validate the breakout and pave the way toward the next resistance at $0.010086, which aligns with the blue arrow projection on the chart.
However, failure to hold $0.006725 may trigger a 15% correction, targeting support near $0.006000, close to the 100 and 200 EMAs, which have historically served as support.
A move above $0.008789 could extend gains to the psychological resistance of $0.01, a likely zone for short-term profit-taking.
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