Pudgy Penguins (PENGU) is experiencing increased pressure as interest in non-fungible tokens (NFTs) has surged. This shift in attention could result in the reallocation of capital from the trending meme coin, potentially affecting its price. At the same time, investors are hoping for the launch of a PENGU exchange-traded fund (ETF), following the filing by Canary Capital in March. The Pudgy Penguins meme coin has been a focal point for several months, particularly since the announcement of the ETF application. The excitement surrounding the PENGU token intensified in late June after Justin Sun, the founder of Tron, joined the project. Amid the growing hype and expectations for an ETF, the token's value rose significantly, with analysts predicting further gains. However, the current level of optimism may not be sustainable given the renewed interest in NFTs. Over the weekend, Ethereum sparked renewed interest in the NFT space by unveiling the NFT Torch ahead of its 10th anniversary. This event led to a surge in NFT purchases, with one wallet acquiring 48 CryptoPunk NFTs for $8.5 million. Analysts have observed an increase in buying activity, which has contributed to a rise in the floor price of CryptoPunk NFTs. According to Shotgun, a well-known user on X (formerly Twitter), whales are demonstrating confidence in legacy NFT collections, which have outperformed others, indicating a possible shift back to high-quality NFTs. Legacy NFT projects are seeing significant buying activity and price increases. Data from Artemis shows that the NFT sector has already outperformed the broader market, rising by over 200% in the past month. Notably, the NFT sector has grown more than three times the size of the Ethereum market. Despite the enthusiasm surrounding PENGU and Pudgy Penguins NFTs, CryptoPunks continue to lead the sector in terms of market capitalization. However, on 24-hour sales metrics, Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club face strong competition. Analysts are searching for opportunities similar to PENGU, with ANIME emerging as a potential candidate. Tommy, a trader and popular user on X, points to ANIME as the best liquid NFT beta after the token reached a recent low. The interest in the ANIME token may be attributed to Animecoin's recent announcement regarding a collaboration with Burger King and Naruto in the United States. Although Animecoin does not have any direct ties to either party involved in the partnership, it may be using the collaboration to attract anime enthusiasts. Meanwhile, other analysts have also pointed to DOOD as a potential next PENGU. Despite the lack of ETF prospects for the DOOD coin, which is associated with the Doodles NFT project, analysts believe it has strong underlying fundamentals. Both DOOD and PENGU are Solana-based meme coins. PENGU benefits from the ETF speculation and whale buying activity, and it has a total supply of 76.7 billion. However, its Relative Strength Index (RSI) above 80 suggests that the token may be overbought. On the other hand, DOOD has a smaller supply of 10 billion, which could indicate greater price potential, as its RSI indicates there is still room for further growth. Another NFT trader noted that the Doodles NFT collection has outperformed the DOOD token, which could be a positive sign for the meme coin’s future price performance.

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