PENGU cryptocurrency has surged 65% in value following a major exchange-traded fund (ETF) proposal and heightened whale accumulation activity, with technical indicators signaling potential for further gains.
The price surge was catalyzed by an ETF filing submitted by Cboe BZX Exchange on June 25. The filing proposes allocating 80% to 95% of fund assets to PENGU tokens, substantially increasing institutional exposure prospects and boosting investor confidence in the token’s ecosystem.
Significant whale transactions contributed to market momentum, with large-scale accumulations coinciding with expanding market capitalization. This trend reflects growing trust among high-value investors despite market volatility.
Technical analysis shows PENGU trading above critical moving averages while approaching resistance near $0.01745. Market analysts identify a bullish ‘Cup and Handle’ chart formation and robust support levels suggesting sustainable upward momentum. A decisive breakout could potentially propel prices 200% toward $0.044.
Market observers note converging catalysts driving PENGU’s trajectory—including institutional ETF interest, whale positioning, and positive technical indicators—all signaling potential continuation of the current uptrend.