PENGU Rallies 100% and Lists on Hyperliquid Perps as ETF Application Advances
PENGU, the meme token from Pudgy Penguins, surged over 90% in the past week — at one point 100% — driving its price up to $0.0288 and lifting its market cap near $2 billion. Trading volume exceeded $2 billion and derivatives volume topped $5 billion, with open interest at $419 million. Powered by LayerZero, PENGU’s cross-chain interoperability and its toy sales ($13 million) plus NFT royalty share model have differentiated it from peers. The token now trades on Hyperliquid’s decentralized perpetuals platform, granting retail traders institutional-grade exposure. Moreover, the SEC’s acknowledgment of Canary Capital’s spot ETF application, which could allocate up to 95% to PENGU and related NFTs, underscores growing institutional interest. Technically, PENGU has broken above the upper Bollinger Band, with an RSI of 81 signaling overbought conditions, yet strong volume and bullish moving averages support potential tests of $0.035–$0.04, with the 20-day MA near $0.025 as key support. Future catalysts include further ecosystem integrations and continued community engagement.
Bullish
In the short term, PENGU’s rapid price surge, listing on Hyperliquid perpetuals, and the SEC’s acceptance of an ETF application are clear bullish signals: strong trading volume, sustained derivatives demand, and technical breakouts support further upside despite overbought RSI readings. Key moving averages and support levels provide pullback protection. In the long term, LayerZero-powered cross-chain functionality, toy sales revenue, and the NFT royalty model enhance the token’s utility and value proposition. The potential influx of institutional funds via an ETF would further bolster market stability and growth, making the overall outlook positive.