Why Has The Pudgy Penguins Token Shot Up 50% In The Past Week?

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

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%).

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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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