Pudgy Penguins (PENGU), a coin related to the non-fungible token space, has been making waves in the cryptocurrency market, with its value soaring fivefold over the previous month.
What happened: The Solana SOL/USD-based coin has jumped 433% in the last 30 days, comprehensively outperforming market heavyweights like Bitcoin BTC/USD, Ethereum ETH/USD and Dogecoin DOGE/USD.
The gulf between PENGU and the rest of the market could be gauged by the fact that Bonk BONK/USD, the second-largest gainer, rose only 198% in the last month.
As of this writing, PENGU was the fifth-largest meme coin, with a market capitalization of nearly $2.8 billion.
See Also: Elon Musk Once Warned Against ‘Betting the Farm’ On Crypto, But Ended Up Acquiring Some Coins ‘Out Of Curiosity’ Anyway
The primary trigger has been 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-focused asset management firm.
The floor price of the associated NFT collection, Pudgy Penguins, has risen by over 80% in the last month and 12% in the last week, adding to PENGU's momentum, according to CoinGecko.
Price Action: At the time of writing, PENGU was exchanging hands at $0.04541, up 23.93% in the last 24 hours, according to data from Benzinga Pro. It was 21.52% away from its all-time high.
Benzinga Note: Investing in meme coins is highly speculative and involves significant risk. Meme coins often lack intrinsic value and are driven by market sentiment, social media trends, and speculative trading.
Photo Courtesy: CryptoFX on Shutterstock.com
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