While Bitcoin BTC/USD and Ethereum ETH/USD 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 SOL/USD-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 BCH/USD, 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 XRP/USD and Litecoin LTC/USD
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
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