The recent acknowledgment of Canary Capital's ETF application for PENGU by the SEC has sparked a significant 28% price surge. This development has also prompted analysis of the asset's technical state.
Positive Reaction to SEC ETF
PENGU’s price jumped 28% within 24 hours, hitting $0.0189 after the SEC acknowledged the ETF filing by Canary Capital. The price surged sharply after 06:00 and spiked again after noon. At the same time, PENGU gained 25% against Bitcoin, reaching 0.000000170203.
Hybrid ETF Structure
The ETF proposed by Canary Capital aims to allocate 80-95% of its assets to PENGU tokens, with the remaining portion including Pudgy Penguins NFTs and small positions in Ethereum and Solana. The ETF structure offers public market access to digital-native assets through a regulated framework and, if approved, would be the first instance of a memecoin combined with NFTs on a major US exchange.
Technical Analysis Shows Bullish Movement
Technical analysis indicates that PENGU has broken out of a cup-and-handle pattern formed since March. Following a brief consolidation, the token broke above $0.0173, confirming strong market participation. Increased volume during the breakout indicates bullish momentum and analysts expect further price movement targeting the $0.031 zone.
The SEC's acknowledgment of the ETF application is a significant event for the PENGU token and the cryptocurrency community as a whole. Future price movements will depend on market reaction and further developments.
