What happened?
The meme cryptocurrency Pudgy Penguins (PENGU) has seen a surge of over 20% in the past week, with its trading volume spiking 359% in the last 24 hours. This bullish trend is set to continue, with many traders making optimistic price predictions for September. However, seasoned investors are waiting for a definite breakout before jumping on board.
Who does this affect?
This development affects all participants in the cryptocurrency market, but especially traders and investors interested in memecoins like PENGU. The price movement also earmarks Solana as a cryptocurrency to watch given its resilience in recent weeks. Additionally, the potential approval of Canary Capital’s spot PENGU ETF by the U.S. SEC in mid-October will likely draw mainstream interest if it goes through.
Why does this matter?
The sudden popularity of PENGU could revitalize the meme sector of Solana, which has been languishing in a downtrend. Moreover, the potential approval of a PENGU ETF could increase demand and market adoption, leading to further price increases. However, whether PENGU can sustain its momentum or whether it will drop back is yet to be seen, making it an interesting asset to watch in the coming weeks.