Solana Ecosystem’s Most Valuable Project Sees Token Price Rise Amidst Regulatory Hopes

Pudgy Penguins (PENGU) Price: Token Rises 5% After Finding Support at $0.032

The price of Pudgy Penguins’ token, PENGU, has experienced a significant surge, rising by 5% in the past 24 hours. This increase comes as a result of its listing on Robinhood’s advanced trading platform, Robinhood Legend.

Following this announcement, the token has found support at $0.032 and is now poised to potentially reach new highs. The market capitalization of PENGU has surpassed $2.2 billion, making it the most valuable project in the Solana ecosystem.

The recent price action suggests strong buying interest at the aforementioned $0.032 level, which could be a sign that whales are accumulating tokens in anticipation of future price increases. This is particularly significant given the ongoing ETF application review by the U.S. Securities and Exchange Commission (SEC).

The potential approval of this ETF would mark the first such instance for a meme coin. If successful, it could lead to increased trading volumes and greater awareness among institutional investors.

Notably, PENGU’s non-fungible tokens have experienced a significant price increase as well, with their floor price jumping 52% over the past 30 days. This growth is a testament to the project’s expanding mainstream presence, with its toys now available at Walmart.

In terms of technical analysis, the token appears to be maintaining its uptrend, as long as it stays above $0.031. If this trend continues, analysts expect PENGU to reach $0.040, representing a 13% increase from current levels.

Some market strategists have even predicted more aggressive price targets, with potential gains reaching up to 70%. This ambitious forecast sees PENGU potentially reaching $0.12, following a growth pattern similar to Dogecoin’s (DOGE).

Lastly, on-chain data reveals increased whale activity, with significant inflows of nearly $12 million in the past week and a growing institutional interest in the token.

Overall, the recent performance of PENGU is likely driven by the excitement surrounding its ETF application and increased buying pressure from institutional investors. As we move forward, it will be essential to monitor this trend and assess any potential implications for traders and investors alike.

Source: blockonomi.com