In a noteworthy shift, the SEC's policy relaxation has spurred issuers into action, triggering a surge in cryptocurrency ETF applications, including one from Canary.
What is PENGU Coin ETF?
Canary has submitted a filing for a PENGU Coin ETF. This digital currency recently had an airdrop on the Solana network but faced a downturn in value. The filing news briefly buoyed its price.
Will PENGU Coin’s Value Continue to Rise?
Following the filing, PENGU Coin saw a more than 10% increase in value from $0.00682 to $0.00760 before stabilizing. Nonetheless, questions about meme coins' technological soundness and value remain.
Market and SEC Approach to Meme Coins
The SEC’s policy shift has led to an influx of cryptocurrency ETF applications, but the approval of meme coins requires a detailed assessment of their intrinsic value. Coins like TRUMP Coin and Floki are also under scrutiny.
The surge in crypto-ETF applications serves as a significant indicator of market participant interest, yet the sustainability of PENGU Coin and other meme coins remains a question for the crypto community.
