Pudgy Penguins (PENGU), a Solana blockchain-based meme coin associated with the popular Pudgy Penguins NFT collection, has experienced substantial price appreciation coinciding with recovery in NFT markets. The token notably outperformed the wider cryptocurrency sector during this period.
The price of PENGU surged 56.2% over the past week and gained 8.58% in a single day. This performance starkly contrasts with the broader crypto market, which declined by over 3%.
Significant growth in the NFT sector underpinned PENGU’s gains, with the overall NFT market cap rising 33.8% weekly. Activity specifically around the Pudgy Penguins NFT collection surged, reporting a 157% increase in 24-hour trading volume.
Accessibility to PENGU improved significantly with its listing on Revolut. Furthermore, potential institutional interest emerged following the filing of a notice to list a PENGU Exchange-Traded Fund (ETF) with the US SEC by the Cboe BZX exchange.
Large-scale token holders demonstrated increased confidence, accumulating approximately 240 million PENGU tokens over the week. Ongoing discussions also draw parallels to PEPE’s significant past rally, fueling optimism about PENGU’s potential for continued upward momentum.