PENGU, the meme coin tied to the Pudgy Penguins brand, rose about 20% over the past 24 hours and became the most-searched asset on data tracker CoinGecko, overtaking larger tokens such as Shiba Inu and Pepe. The advance comes as Ethereum hit a fresh all-time high, rekindling demand for smaller, higher-beta crypto assets. Traders said sustained trading above US$0.35 could open the way for additional double-digit gains, with some market participants predicting the token could eventually challenge Dogecoin’s position among leading memecoins. PENGU is already listed on most major cryptocurrency exchanges, aiding liquidity and visibility. In a recent community discussion, Pudgy Penguins founder Luca Netz said the company is pursuing an initial public offering within the next two years and that PENGU, rather than the firm’s non-fungible tokens, will serve as its primary web3 product. No regulatory filings have been submitted, and details such as listing venue and valuation remain undisclosed. Market observers cautioned that memecoin prices can be highly volatile and are typically driven by speculative sentiment.