PENGU Coin Price Prediction: Is This the Next Doge

PENGU price jumps 19.5% in 24 hrs, hitting $0.01111 with the market cap nearing $700M

CBOE files to list Canary PENGU ETF, combining memecoin with Pudgy Penguin NFTs

RSI hits overbought zone as price eyes $0.01255, volume up 226% in last 24 hours

PENGU, the Solana-based memecoin inspired by the Pudgy Penguins NFT brand, is seeing a dramatic price surge. Riding high on ETF optimism and explosive trading volume, PENGU has gained nearly 20% in the last 24 hours. As of writing, the price hovers around $0.01111, with market capitalization climbing to $699.85 million and 24-hour volume zooming 226% to $278.63 million. 

Investor sentiment appears bullish amid speculation that institutional entry may be on the horizon. So, how far will the PENGU price surge? Is a Dogecoin rally on the cards? Read this price analysis for potential price targets.

Canary PENGU ETF: A Memecoin Meets Wall Street

The CBOE BZX Exchange has officially submitted a regulatory filing with the U.S. SEC to list and trade the Canary PENGU ETF. This marks a potential first-of-its-kind fund bringing together memecoins and NFTs. According to the filing, the ETF will allocate 80-95% of its portfolio to the PENGU token, while the remaining share will consist of Ethereum-based Pudgy Penguin NFTs. 

Sponsored by Canary Capital Group LLC, the ETF is structured as a Delaware statutory trust, but will not be registered under the Investment Company Act of 1940. This move is seen as a major step in merging meme assets with traditional financial vehicles. If approved, I believe, the ETF could bring institutional exposure to PENGU, possibly legitimizing the memecoin in the eyes of retail and institutional investors alike.

PENGU Price Analysis: 

On the 4-hour chart, PENGU has broken above the critical resistance zone at $0.01187, with price now targeting the next resistance at $0.01255. Bollinger Bands show widening volatility, while the RSI has surged to 78.12, cautioning overbought conditions but also strong bullish momentum.