PENGU flips BONK in market cap as rally nears ATH

PENGU is gaining strong momentum, surging nearly 50% from its recent breakout and overtaking Bonk to climb to the 43rd spot in market cap rankings.

Pudgy Penguins (PENGU) price continues its strong upward momentum, reaching a peak of $0.047 yesterday and retesting its early January highs. The memecoin now sits just 17% below its ATH of $0.057, which was recorded in mid-December.

Since breaking out from a period of consolidation within a symmetrical triangle pattern at $0.032, PENGU price has gained approximately 47%. With this surge, PENGU has overtaken Polygon to claim the 43rd spot by market cap.

PENGU rally is being fueled by a series of catalysts. Most recently, PENGU was listed on Gemini yesterday, which opened access to a broader investor base and appears to have generated significant buying pressure to propel the token over 20% in the past 24 hours.

This builds on previous momentum from high-profile partnerships with NASCAR and Lufthansa. The NASCAR collaboration has brought Pengu branding into mainstream sports media, while the Lufthansa Miles & More integration enables users to earn airline miles through Pudgy Shop purchases in PENGU.

Adding to the bullish sentiment, the U.S. Securities and Exchange Commission has begun its review of the Canary Spot PENGU ETF, marking the first proposed ETF to include both meme coins and NFTs. If approved, it would allocate up to 95% to the PENGU token and the remainder to Pudgy Penguins NFTs.

However, the PENGU rally will likely enter a period of consolidation before attempting another move higher, as the daily RSI sits deep in overbought territory at 85, signaling potential short-term exhaustion. Additionally, 1.81 billion PENGU tokens—worth over $55 million—have been transferred to CEXs since July 12, which may suggest profit-taking by early holders.