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PENGU Shows Growth After SEC Recognizes ETF Application

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by Giorgi Kostiuk

9 hours ago


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.

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