PENGU Price Targets Another 70% Rally Amid Whale Buying, ETF Hype

Pudgy Penguins (PENGU) has jumped by 20% in the last hours to trade at $0.0115 at press time. Market interest towards the meme coin is also notably high after trading volumes today, June 28, surged by over 270% to $338 million. The gains come as whales increase their holdings after the Cboe exchange sparked optimism of Canary’s PENGU ETF approval. Meanwhile, a bullish wedge pattern hints that PENGU price is on the verge of another 70% rally.

PENGU Price Soars as Whales Accumulate After Cboe ETF Filing

One of the key factors driving the PENGU price rally today is whale accumulation. Per Nansen data, PENGU whales have increased their holdings by more than 11% in the last 30 days. During the same period, the top 100 wallets also saw their holdings increase by 2.27%.

Public figures have also been increasing their exposure to the Pudgy Penguins meme coin, with their holdings increasing by more than 7%. This highlights that PENGU could be in an accumulation phase where large addresses are looking to maximize their profits.

The ongoing whale positioning follows an unexpected spike in institutional interest towards the token. As CoinGape reported, the Cboe trading platform has submitted a 19b-4 filing for Canary’s PENGU ETF. This filing indicates that the Cboe exchange is planning to list and offer trading for this ETF if it gains regulatory approval.

This filing makes Pudgy Penguins the second meme coin to get an ETF filing after Dogecoin (DOGE). This is bullish for PENGU price, and could trigger a notable rally to the upside as the bullish technical structure suggests.

Is Another 70% Rally Imminent?

The daily timeframe chart suggests that the PENGU price rally could only be getting started, and bulls are targeting another 70% move to the upside. This is because of the price breaking out from the falling wedge pattern, a sign that a bullish reversal is underway.

After today’s 20% gain, this top meme coin has flipped resistance at the wedge’s upper trendline, and traders are closely watching whether today’s candlestick will close above this resistance. If this happens, it will confirm PENGU’s falling wedge breakout.

The rally that will ensue after this breakout is of around 74%, and this will push the PENGU price to $0.019. The last time that the Pudgy Penguins meme coin traded at this level was back in January 2025.

The RSI with a reading of 57 has made a higher high and is currently in bullish territory, an indication that the price gains will likely continue. This RSI reading also indicates that there is still room for further growth, as it has yet to reach overbought levels. Meanwhile, the AO histograms show bearish momentum is weakening, making the 74% rally from the wedge breakout more likely to occur.

Therefore, as optimism towards the approval of an ETF grows after the Cboe’s recent filing, and whales step in to increase their holdings, PENGU price appears prime for more gains even after today’s 20% rally. The daily timeframe suggests that another 70% surge could be imminent.