Pudgy Penguins (PENGU) Nears 3-Month High as CBOE Moves to List PENGU ETF

In Brief:

PENGU surged 34% in 24 hours, approaching its May highs amid growing whale accumulation.

The filing of the first-ever PENGU ETF with the SEC is boosting bullish sentiment.

Pudgy Penguins (PENGU) has seen a sharp 34% increase in price within the last 24 hours, reaching a multi-week high and nearing its May highs. This surge is being fueled by major developments surrounding the Pudgy Penguins ecosystem, including the filing of the first-ever PENGU ETF with the SEC. The ETF filing has sparked a bullish reaction, further boosting investor confidence.

‍

Whales are actively accumulating PENGU to take advantage of the price rise. Over the past day, more than 200 million PENGU, worth over $2.4 million, were purchased by investors holding large amounts of tokens. The accumulation by these whales is driving the market sentiment in a positive direction, likely attracting smaller investors to follow suit.

‍

With key technical indicators, such as the RSI being in the bullish zone, PENGU's price outlook appears strong. The token is currently facing resistance around $0.014, and a successful break above this level could see further upward movement. However, if the price fails to hold above $0.01350, there is a risk of a retest of lower support levels.

‍