- PENGU trades at $0.0357 with $2.23B market cap as analysts track wedge targeting $0.10.
- Trading volume hit $1.01B, up 218%, while derivatives surged with $2.50B in activity.
- ETF filing, Asia expansion, and toy sales strengthen PENGU’s growth alongside strong liquidity.
Pudgy Penguins (PENGU) has drawn attention across markets after recording a daily gain above 14%. The token is trading around $0.0357 with market capitalization at $2.23 billion. PENGU has it all: ETF filing, Asia growth, millions in toy sales, and a bullish flag targeting $0.10.
Market Performance and Technical Outlook
PENGU recently recovered from the $0.027 Fibonacci retracement level and is consolidating near $0.0356. The token previously peaked around $0.043 earlier in August. Fibonacci levels mark supports at $0.027, $0.022, and $0.018, while resistances are located at $0.036, $0.043, and $0.047. A breakout from the descending channel could extend targets toward $0.053, $0.065, and $0.085.
According to analysis prepared by Ali Martinez, the 12-hour chart shows a falling wedge formation that often precedes bullish moves. Martinez added that PENGU could aim for $0.043, $0.053, and $0.065 as stages toward the $0.10 mark. The token continues to hold above key support at $0.027, which is described as an important defense level.
Daily trading volume surged 218.97% to $1.01 billion, raising the volume-to-market cap ratio to 45.31%. The supply data shows 62.86 billion circulating tokens from a total of 88.88 billion. The fully diluted valuation stands at $3.15 billion, reflecting potential value at full supply.
Derivatives Activity and Institutional Developments
PENGU derivatives market also expanded with $2.50 billion in trading volume, up 162.59% in the last session. Open interest grew 30.13% to $421.94 million. The 24-hour long/short ratio is 0.9806, showing near balance between buyers and sellers.
Binance accounts recorded a ratio of 1.103, while OKX accounts posted 0.85. Institutional interest has surfaced with Canary Capital Group filing for a Pudgy Penguins ETF with the SEC. The filing states up to 15% of assets may include Pudgy Penguins NFTs.
Meanwhile, prediction markets report 58.5% of participants do not expect approval before October. PENGU’s market growth is supported by increasing trading activity and strong liquidity across exchanges. The data shows continued demand, while expanding toy sales and Asia growth add to visibility.
