Why Has The Pudgy Penguins Token Shot Up 50% In The Past Week?
While Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) 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 (CRYPTO: SOL)-based Pudgy Penguins (PENGU) soared 50% over the week, becoming the market's biggest gainer. The coin added over $350 million to its capitalization in this period.
The gulf between PENGU and the rest of the market could be gauged by the fact that the second-biggest gainer, Bitcoin Cash (CRYPTO: BCH), could only rise 6.79% over the last week.
Moreover, in the past 24 hours, PENGU was the only meme coin in the green
See Also: Why Crypto Investors Are Receiving Internal Revenue Service Warning Letters
The rally has been primarily driven by the Canary PENGU ETF filing, a first-of-its-kind investment vehicle that proposes holding PENGU tokens (80-95%) and Pudgy Penguins NFTs (5-15%).
The filing was submitted by Canary Capital, a cryptocurrency asset trading and management firm that also seeks to list ETFs tracking larger-cap coins like XRP (CRYPTO: XRP) and Litecoin (CRYPTO: LTC)
Price Action: At the time of writing, Bitcoin was exchanging hands at $107,894.79, up 1.38% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: Midnight In Summer on Shutterstock.com
Read Next:
Posted-In: Cryptocurrency News Markets
