Over the past week, the $PENGU token has increased 24.8%, riding a wave of bullish momentum fueled by ETF speculation, aggressive whale accumulation, and the growing institutional interest in meme coins.

Beyond Memes: Gaming, NFTs, and Real-World Utility

Pudgy Penguins is a Solana-based memecoin launched in late 2024 with an 88.9 billion total supply.

Last December, the project airdropped 62.86 billion tokens to Penguin NFT holders and broader Web3 participants, accelerating distribution and sparking fresh liquidity.

The protocol now underpins NFT collectibles, real-world licensing, and gaming titles such as “Pengu Clash,” which had over 2 million users sign up for its early access phase.

SPENGU’s tokenomics revolve around community governance and ecosystem funding. Currently, with 560.74k token holders, these holders vote on feature upgrades and grant allocations, while fee-generated proceeds support development.

Ecosystem partnerships now extend beyond digital art.

Collaborations with NASCAR and Lufthansa enable users to earn reward miles through $PENGU purchases, while Walmart-licensed merchandise and a planned integration with Ledger hardware wallet push utility into mainstream channels.

Still, the whales have been the major driver of the $PENGU price. On June 28, a net buy of $24 million in $PENGU set the rally in motion. That influx overwhelmed sellers, pushing $PENGU from $0.015 support to today’s highs.

Similarly, bids across Binance, OKX, and Gate.io rose 80% over 30 days, while the sell wall shrank 18%, easing pressure. Most telling, traderpow’s 94 million-token purchase soaked up liquidity and signaled bullish conviction.

Whales have ramped up $PENGU accumulation after the Securities and Exchange Commission (SEC) recognized Canary Capital’s ETF filing. This saw the price rise to a six-month high, as investors anticipated the ETF, slated to allocate both $PENGU tokens and Pudgy Penguins NFTs.

On July 9, the SEC initiated a 21-day public comment period on the 19b-4 filing, which likely fueled further buying momentum.

Historical ETF updates in March and June spurred similar rallies, and as bids swelled while selling pressure eased, whales continued to accumulate $PENGU.

$PENGU/USDT Breaks Out from Bullish Consolidation – Can Buyers Sustain the Rally?

The 4-hour chart of $PENGU/USDT shows a bullish breakout following a period of consolidation marked by higher lows, which is a typical structure that reflects accumulation, where buyers steadily step in at higher levels, absorbing supply and gradually pushing the price higher.

From there on (more specifically from late June through early July), $PENGU’s price formed a mild descending channel while maintaining a rising support trendline. This signaled that despite short-term pullbacks, the broader demand base was strengthening.

The breakout occurred late on July 9, as price decisively moved above the upper trendline of the consolidation zone near $0.0135.

This move was technically significant and was also backed by a substantial jump in volume. When a breakout occurs with significant volume, it could be speculated that institutional or high-volume traders are participating. It’s not just retail-driven momentum.

Following this volume pump, $PENGU’s asset price immediately rallied into the $0.019–$0.020 region, approaching a psychological resistance level.

Psychological resistance levels often act as natural barriers where traders place profit targets or sell orders, which is why price momentum may temporarily pause or reverse around such points.

The area between $0.0135 and $0.0150, previously an overhead barrier during the consolidation phase, became a key support zone, as it’s the level where the breakout was initiated.

This view is further supported by the volume footprint chart, which reveals the underlying order flow dynamics during the breakout.

During the rally, transaction volume spiked above $2 billion, with aggressive buying and selling occurring in real-time.

In one of the breakout candles, total buy volume reached $983.35 million, but was outweighed by $1.08 billion in sell volume, resulting in a net delta of -95.25 million.

This suggests that sellers were actively offloading into strength, likely taking profits or initiating hedges against the rally. The next session also closed with a negative delta of -28.23 million, hinting at some lingering resistance.

If buyers remain active and rising volume pushes the price above $0.020, the uptrend may continue. A drop below the new support zone could lead to a pullback or extended consolidation. The market structure looks positive. Clear support and resistance levels will likely determine the next price movement.

The post $PENGU Soars 33% Overnight as Whale Frenzy & ETF Hype Ignite Memecoin Rally—What’s Next? appeared first on Cryptonews.

A crypto analyst with a history of timely Bitcoin (BTC) calls believes that altcoins are gearing up for a price spike.

In a new strategy session, Kevin Svenson tells his 83,300 YouTube subscribers that he’s keeping a close watch on the OTHERS chart, which tracks the total market cap of crypto, excluding the top 10 digital assets and stablecoins.

Traders keep an eye on the OTHERS chart to gauge the performance of the altcoin market.

According to the crypto strategist, OTHERS appears to be following its 2024 price action, when it went through a corrective period before sparking a parabolic surge toward the end of the year.

Svenson predicts that altcoins will stage another explosive rally if Bitcoin and another asset class soar to new record highs.

“I’m just showing what’s showing up on the chart. The setup is nearly the same.

And this huge run-up when the OTHERS chart went up 140% last time… this happened because Bitcoin and the S&P [500] both broke into a new all-time high at the same time. We saw Bitcoin break a new all-time high recently, but the S&P did not.

So if we both get the S&P and Bitcoin to break out to a new all-time high soon, a move like this [November to December 2024] up to $570 billion for OTHERS, the low-cap altcoins, are very likely, in my opinion, that we’re going to get a major pump.”

At time of writing, OTHERS is trading at $233.72 billion.

Follow us on X, Facebook and Telegram

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Redshinestudio/Sensvector

Cardano staking pool operator (SPO) Sssebi (@Av_Sebastian) has ignited a debate by asserting that Cardano’s ADA could reach double-digit territory this year. In a thread that began, “These are the ingredients for $10 $ADA in 2025,” he listed five developments he believes will transform the eighth-largest cryptocurrency from a $0.70 token into a $10 asset. Each of those “ingredients” is now taking shape—and each comes with its own uncertainties.

#1 Cardano Becomes Bitcoin’s DeFi Layer

At the Bitcoin 2025 conference in Las Vegas, Input Output (IO) stunned attendees by moving a live Bitcoin Ordinal across a new BitVM-based bridge to Cardano. IO called the demonstration “a preview of what is to come,” adding that the “Cardinal” protocol aims for full integration so BTC holders can lend, borrow and stake inside Cardano’s extended-UTxO environment. By transplanting Bitcoin liquidity onto a programmable ledger without wrapped custodial tokens, Cardano positions itself as a settlement layer for so-called BTCFi applications—an addressable market that today tops $1 trillion in dormant value.

Related Reading

#2 The Midnight “Glacier Drop” Airdrop

Cardano founder Charles Hoskinson told Consensus 2025 in Toronto that Midnight, his privacy-focused sidechain, will airdrop both NIGHT governance tokens and DUST privacy tokens to “approximately 37 million wallets across eight major blockchains”—with “zero allocation to venture capitalists.” “Every Consensus there’s a new token saying, ‘my thing is better,’” he said. “We’re going to give this away and let users decide.” The sheer scale dwarfs recent airdrops and could seed tens of millions of new ADA-capable addresses once Midnight’s cross-chain fee model pushes traffic back to the base chain.

#3 A US Listed Cardano Spot ETF

In February NYSE Arca filed to convert the Grayscale Cardano Trust into a spot ETF. The Securities and Exchange Commission acknowledged the application on 24 February, starting a 240-day clock that now runs to 22 October 2025. The agency’s first-phase deadline of 29 May was pushed to 15 July, following the pattern that preceded January’s Bitcoin ETF approvals.

Grayscale has argued that ADA’s on-chain transparency and staking mechanics make it “substantially resistant to manipulation,” echoing the language that ultimately persuaded regulators on Bitcoin. An approval would give traditional investors a regulated conduit to stake-enabled yield—something no US crypto ETF yet offers.

Related Reading

#4 ADA In The US Strategic Reserve

President Donald Trump’s March executive order created a Strategic Bitcoin Reserve and a US Digital Asset Stockpile to hold crypto seized in federal cases. A subsequent Truth Social post surprised markets by naming “XRP, Solana and Cardano” for inclusion alongside Bitcoin and Ether; ADA jumped more than 70% intraday.

Though the order bars fresh purchases of altcoins, Treasury accounting shows roughly $493 million in non-Bitcoin assets—ADA among them—already earmarked. Chainlink co-founder Sergey Nazarov called the move “a reputational boost, signaling the US. views digital assets as strategic.” Inclusion in a sovereign reserve legitimises ADA for conservative allocators and could ease the path for futures and options listings.

#5 The Ouroboros Leios Upgrade

Hoskinson labels Leios “the capstone of the entire Ouroboros agenda … the fastest cryptocurrency on the planet.” In a May 1 livestream he said simulations show “tens of thousands of transactions per second” without sacrificing decentralization. The upgrade introduces parallel input, ranking and endorsement blocks, allowing throughput to be dialed up as adoption demands. If main-net integration lands in H2 2025, Leios would coincide with Midnight’s launch and the ETF review window—an alignment bulls see as catalytic.

ADA trades near $0.70 today, implying a market capitalization of roughly $25 billion. A jump to $10 would push valuation toward $350 billion, rivaling Ethereum’s 2024 peak.

Featured image created with DALL.E, chart from TradingView.com