PENGU Price Surge: What’s Fueling the Rally Ahead of Game Launch

PENGU Price Soars on Game Hype, Suplay Deal, and ETF Buzz in Market

The PENGU Price surged significantly this week following a series of major announcements that captured investors attention. 

The business has been expanding into new regions with toys, NFTs, and games such as their new "Pudgy Party" title. Pudgy Penguins CEO Luca Netz's strategy to expand the brand at the global level, specifically in Asia. 

Source: Pudgy Penguins 

The news followed by just a few hours saw the PENGU Price leap by almost 21%, supported by a huge spike in the trading volume. The market cap exceeded more than $2 billion worth. 

What's Behind the Rally?

Pudgy Party Game Launch

The launch of "Pudgy Party," the social game associated with the brand Pudgy Penguins, is scheduled for August. It created the hype for the token, it will be released on Google play and Apple store.

Suplay Partnership

The deal with Suplay is not just a deal, it's an expansion into one of the largest gaming and collectibles markets in the world. Suplay's established retail network in China may provide this project with the boost in brand awareness that they need. Traders ran in to grab it in response, driving the PENGU price through the roof.

Source: X (Previously Twitter)

Coinbase X Profile Changed to PENGU

Market sentiment was also fueled by meme culture. Just recently, Coinbase swapped its X (formerly Twitter) profile picture for a penguin, causing crypto Twitter to go into a frenzy. This small update sparked a talk that Coinbase could list or promote this meme coin in some way or the other, fueling the surge.

ETF Hopes Add to the Hype

Adding to the hype, Canary Capital had filed a PENGU ETF in March. Now, it is being reviewed as well as over 20 other crypto-based ETFs. Although approval remains doubtful, Polymarket puts the chance at about 50%, just the possibility of an ETF serving to increase investor interest.

The hype surrounding altcoins in general has also benefited. A 36% monthly increase in smaller tokens has led a lot of traders to rotate into meme coins and riskier assets. 

Can PENGU Maintain This Momentum?

Even with the bullish momentum, there are some warning signs.

Technical indicators RSI at 93.47, indicate that it may be overbought. That is, it could experience a short-term decline as early investors take profits.

Also, the ETF is not assured, and any rejection or delay may affect price momentum.

Nevertheless, the coming out in August of "Pudgy Party," a social game that is associated with this project, can become a new catalyst if it becomes popular among users. If the game performs well, and if Suplay is successful in promoting the products in Asian markets, the potential for upside may remain.

What's Next for PENGU Price?

PENGU Price has surged more than 137% over the last 7 days to a record high of $0.034. The price is accelerating with good volume, indicating very high demand from investors. It is currently trading at $0.03475 with an increase of 13% in a day as per the CoinMarketCap. 

Source: CoinMarketCap

As it climbed so sharply, a short-term correction is possible if profit taking starts. Provided it remains above $0.030, the rally could persist. If it goes below $0.022, it might experience further selling.

The forthcoming game launch and ETF rumors will most probably determine the direction of the PENGU Price.

Conclusion

Currently, prices of Pudgy Penguine tokens are surfing on a tide of positive news. The next few weeks will determine if this is a short-term pump or the beginning of a longer run based on actual adoption in new markets.
Disclaimer: This article is for information purposes only, please conduct your own research, before making any investment in crypto market.