What Is Behind The 50% Surge In Pudgy Penguins Token Value Over The Last Week?

While Bitcoin BTC/USD and Ethereum ETH/USD have been moving sideways and offering traders little excitement, a cryptocurrency connected to the non-fungible token space has been quietly surging up the price charts.

What happened: Solana SOL/USD-based Pudgy Penguins (PENGU) soared 50% over the week, becoming the market’s biggest gainer. During this time, the coin’s capitalization increased by more than $350 million.

The disparity between PENGU and the remainder of the market can be measured by the observation that Bitcoin Cash, which is the second-largest gainer, was able to increase by just 6.79% in the past week.

Additionally, over the last day, PENGU was the sole meme coin that showed positive performance

The rally has largely been fueled by the filing for the Canary PENGU ETF, a novel investment vehicle that aims to hold PENGU tokens (80-95%) and Pudgy Penguins NFTs (5-15%).

The submission was made by Canary Capital, a firm specializing in cryptocurrency asset trading and management. They aim to list ETFs that track larger-cap coins such as XRP and Litecoin.Price Action: Zum Zeitpunkt des Verfassens dieses Textes wurde Bitcoin zu einem Kurs von 107.894,79 US-Dollar gehandelt, was einer Steigerung um 1,38 % binnen der vergangenen 24 Stunden entspricht. Diese Information stammt von Benzinga Pro.

 

 

 

 

 

 

 

 

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