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.