PENGU and JTO Soar: Key Factors Behind Today’s Price Gains

• PENGU saw a price surge as whale activity and Cboe’s ETF filing sparked interest.
• Jito’s price rose after SOL Strategies purchased 52,181 tokens to support the Solana network.
• PENGU’s breakout and Jito’s rise driven by the SOL’s TVL boost, hint at further price gains.

Puggy Penguins (PENGU) and Jito (JTO) experienced a significant price increase, attributed to a combination of institutional interest, whales, and technical breakthroughs. The price of PENGU rose by more than 20%, accompanied by a 309% spike in trading volume. In the meantime, Jito rose 7.91% after SOL Strategies purchased 52,181 JTO tokens, sparking optimism within the Solana ecosystem.

The surge in PENGU’s price was driven by growing institutional interest following Cboe’s 19b‑4 filing for a PENGU ETF. This filing boosted market optimism, as ETF approval could lead to the mainstream adoption of PENGU, potentially triggering a rise in its prices.

Whale Activity and Volume Surge Propel PENGU’s Price

Whale activity has played a key role in PENGU’s recent price surge. According to data from analytics platform Nansen, whale accumulation is up 11%, while public figure wallets increased their holdings by 7.07% over the past 30 days. The top 100 wallets have also grown their positions by 2.27%, signaling that major players may be preparing for a potential rally.

Trading volume has also spiked, reflecting rising interest in PENGU. As of June 28, the trade volumes hiked 309% to $447.85 million. The sharp rise in volume indicates growing market interest, with whale investors driving the recent price surge.

Technically, PENGU broke above the 0.786 Fibonacci retracement level, signaling a bullish breakout. The move pushed the token past key resistance that had held firm in recent weeks. With momentum building and the ETF filing boosting market sentiment, traders are now setting their sights on higher price targets.

Jito Surges on SOL Strategies’ Support

Jito (JTO) also experienced a price surge today after SOL Strategies purchased 52,181 JTO tokens, valued at over $100,000. The move signals continued support for the Solana ecosystem, where Jito is expected to play a key role. SOL Strategies’ acquisition reflects its commitment to strengthening Solana’s infrastructure, which contributed to the recent rise in Solana’s price.

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The acquisition also signals Jito’s continued expansion within the Solana blockchain. SOL Strategies has shown a long-term commitment to the project, having first deployed Jito on the Solana mainnet in October 2022 through its validator, Laine. The firm currently manages over 3.7 million SOL and has delegated to partners like Pudgy Penguins, highlighting its growing influence and active role in strengthening the ecosystem.

The expansion of the decentralized finance (DeFi) ecosystem in Solana was another factor that contributed to the growth of the Jito price. The overall total value locked (TVL) in DeFi platforms for Solana has risen to a high of $9.92 billion, sparking optimism about the Solana ecosystem. 

Both PENGU and JTO have soared owing to outstanding changes in their ecosystems. Institutional interest, driven by the Cboe ETF registration and an increasing number of whales, contributes to the growth of PENGU. Meanwhile, infrastructure development by SOL Strategies, combined with the growing activity level of the Solana DeFi sector, drives Jito’s growth.

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