PENGU Meme Coin Skyrockets 12%: Analysts Indicate a Bullish Trajectory

The PENGU meme coin, inspired by the Pudgy Penguins NFT ecosystem, has captured attention with a sharp rally in the past 24 hours. The token surged to $0.037, reflecting a double-digit percentage increase. Speculation from prediction market Myria suggests an additional 34% potential upside, forecasting the coin could climb to $0.05 in the short term.

Recent Surge in PENGU’s Value

On October 18, Decrypt reported that PENGU spiked 12% within a single day, finishing at $0.0377. Over the past week, the token has gained 10.2%, though it remains 45% below its all-time high (ATH) of $0.06, recorded in December 2024. Bettors at Myria currently assign a 67% probability to PENGU reaching $0.05, a significant improvement from the 57% likelihood recorded just 24 hours earlier. On the flip side, the chance of the token falling to $0.02 has diminished, showcasing growing confidence in its upward momentum.

What’s Driving PENGU’s Growth?

The recent price surge appears closely linked to PENGU’s mentions in the earnings report of the digital asset exchange, Bullish. The document underscored several achievements for the Pudgy Penguins brand, such as the introduction of Pudgy Penguins toys at Walmart and the launch of their much-anticipated mobile game, Pudgy Party. The report also emphasized that Pudgy Penguins have become symbolic within the digital asset domain, with their profile images widely embraced by prominent figures and entities, including Solana (SOL), Mike Novogratz, VanEck, Bitwise, and Coinbase.

ETF Approval for Pudgy Penguins Ecosystem Falters

Despite PENGU's recent positive performance, the outlook for a Pudgy Penguins-linked exchange-traded fund (ETF) remains underwhelming. According to Myria, the likelihood of ETF approval before this October has dwindled to a low 8.4%, marking a sharp decline from the optimistic peak of 44.7% observed in late July. By comparison, anticipation remains high for the imminent debut of ETFs tied to Dogecoin (DOGE) and XRP, which are expected to begin trading in the coming days.

However, there may still be room for bullish sentiment within the Pudgy Penguins ecosystem. Myria bettors are evenly split on the odds of a New York Stock Exchange (NYSE)-listed company integrating Pudgy Penguins NFTs as treasury assets before the year’s end, with probabilities currently standing at 46.7%.

Stability in the Pudgy Penguins NFT Market

The Pudgy Penguins NFT market, based primarily on the Ethereum blockchain, has demonstrated remarkable stability in recent weeks. The floor price has remained steady, showing no major fluctuations over the past seven days. Over the last two weeks, however, the floor price has seen a modest increase of 5.1%, rising to 10.49 ETH—approximately $47,900 (66.42 million KRW).

Yet, notable growth can be seen in trading activity. Sales volume has surged by 145.5%, while overall trading volume registered a 152% spike in the past 24 hours alone. Despite these encouraging developments, the current floor price remains 71.2% below its ATH of 36.33 ETH, also recorded in December 2024. These figures reflect a rebound in market interest, even while the broader NFT market continues to recover from the highs of previous cycles.

Outlook for PENGU and Pudgy Penguins

Amid a muted NFT market, the PENGU meme coin and Ethereum-based Pudgy Penguins NFTs are garnering renewed attention, driven by rising trading activity, expanded brand initiatives, and growing visibility in mainstream markets. From toys on Walmart shelves to the release of engaging new games, the Pudgy Penguins brand continues to position itself as a cultural icon in the Web3 sphere.

For those closely following the evolution of the NFT and cryptocurrency markets, PENGU and its ecosystem remain assets to watch. The interplay of growing token confidence, robust NFT stability, and unfolding developments could pave the way for further growth.

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