PENGU Coin has shown significant growth following the SEC's acknowledgment of Canary's ETF filing. This event has attracted considerable attention to the cryptocurrency and caused notable price shifts.
Significant Surge in PENGU Price
PENGU's price rose by 29% within 24 hours, reaching $0.01902. This sharp increase follows the SEC's acknowledgment of Canary's ETF filing. PENGU’s market cap now exceeds $1 billion, placing it among the top 100 cryptocurrencies.
Canary's ETF Strategy
Canary's ETF allocation strategy includes 80–95% in PENGU tokens and 5–15% in Pudgy Penguins NFTs, suggesting a diversified investment opportunity. The SEC’s acknowledgment does not equate to an approval but has sparked renewed optimism.
Future Prospects and Predictions
The market response has been robust, with open interest in PENGU futures soaring by 52% to $278 million. Despite the bullish price movement, the funding rate remains negative, indicating a dominance of short sellers. As noted by crypto analyst Ali:
CITE_W_A "This is just the beginning—should the ETF gain approval, the upside could be significant. PENGU is targeting $0.060 by August, with current support now confirmed above $0.013."
Analysts suggest that PENGU might reach $0.060 by August, contingent on ETF approval. Historical precedents from other ETF acknowledgments in crypto markets show potential for further rallies.
