Pudgy Penguins (PENGU) soared to a close to six-month excessive after the US Securities and Trade Fee (SEC) formally acknowledged the submitting for the Canary PENGU exchange-traded fund (ETF).
The value skilled a double-digit improve, including additional momentum for the meme coin’s newest bullish rally.
PENGU Value Surges As SEC Acknowledges ETF Submitting
The SEC has develop into extra crypto-friendly this 12 months beneath President Donald Trump’s administration. Apart from Bitcoin and Ethereum, the regulator has but to approve any altcoin or meme coin ETFs.
Nonetheless, it has remained open to giving these functions an opportunity. In keeping with this, on July 9, the regulator acknowledged Canary Capital’s Pengu ETF software.
“Pursuant to the provisions of Part 19(b)(1) beneath the Securities Trade Act of 1934 (“Trade Act” or the “Act”), and Rule 19b-4 thereunder, Cboe BZX Trade, Inc. (“BZX” or the “Trade”) is submitting with the Securities and Trade Fee (“Fee” or “SEC”) a proposed rule change to checklist and commerce shares of the Canary PENGU ETF (the “Belief”), beneath BZX Rule 14.11(e)(4), Commodity-Based mostly Belief Shares,” the discover reads.
The proposed ETF is exclusive in that it’s going to maintain each PENGU tokens and Pudgy Penguins non-fungible tokens (NFTs). The fund allocates 80-95% of its property to PENGU tokens and 5-15% to Pudgy Penguins NFTs.
Canary Capital submitted the S1 submitting for the ETF in March. On June 25, Cboe BZX filed a 19b-4 with the SEC. The submitting was amended twice, with the latest modification submitted on July 8.
The SEC is now inviting public feedback on the proposal, with the submission deadline set for 21 days after its publication within the Federal Register.
This improvement triggered a big value surge for PENGU, reinforcing its market-defying rally. BeInCrypto knowledge confirmed that the altcoin surged 23.54% to a press time worth of $0.018. This marked its highest value stage since late January 2025.
Pudgy Penguins (PENGU) Value Efficiency. Supply: BeInCrypto
The rise has additionally secured PENGU a spot as the highest day by day gainer on CoinGecko. Notably, the worth response isn’t stunning.
Previous ETF developments have confirmed favorable for the coin, as seen in March and June, when the filings triggered double-digit will increase. The constant constructive market response to ETF progress highlights investor confidence.
PENGU Future Outlook
In the meantime, analysts are additionally fairly optimistic about PENGU’s prospects. They’ve recognized a cup-and-handle sample forming on its chart. For context, a cup-and-handle sample is a bullish continuation sign.
It incorporates a “U”-shaped cup adopted by a quick pullback (deal with), with a breakout above the resistance indicating potential upward momentum.
“PENGU – 50% loading quickly and enjoyable instances forward,” an analyst posted.
PENGU Value Prediction. Supply: X/Holdersignals
Furthermore, one other professional prompt that PENGU has the potential to develop into a number one meme coin within the present market cycle, with the ETF appearing as a key catalyst.
“Individuals say PENGU will lead the meme revolution to the plenty this cycle with its ETF submitting, and so forth,” he wrote.
Thus, with the technical indicators, sturdy value rally, and ETF progress, the long run outlook for PENGU seems brilliant. Nonetheless, whereas the momentum is promising, the volatility typical of meme cash shouldn’t be neglected. The precise efficiency will rely upon broader market situations, regulatory developments, and traders’ continued curiosity.
