Fat Penguin increased by 19% in a week: Why are Dogecoin and SHIB lagging behind?

Over the past week, Pudgy Penguins (PENGU) stock price soared 19%, surpassing the meme coins Dogecoin (DOGE) and Shiba Inu (SHIB). Traders have noticed its technical pattern shows significant potential, with Altcoin Sherpa identifying a reversal pattern, and MacroCRG also confirming a buy signal. Kook Capital emphasized the project’s strong brand story, believing that a breakout has begun, and PENGU is expected to challenge its all-time high. However, analyst aixbt pointed out that compared to traditional companies, PENGU’s price-to-earnings ratio is relatively high, posing valuation risks. Additionally, the U.S. Securities and Exchange Commission (SEC) delayed its decision on the proposed PENGU hybrid ETF, hoping for more time to evaluate NFT-based assets.