Pudgy Penguins (PENGU) soared to a near six-month high after the US Securities and Exchange Commission (SEC) officially acknowledged the filing for the Canary PENGU exchange-traded fund (ETF).
The price experienced a double-digit increase, adding further momentum for the meme coin’s latest bullish rally.
PENGU Price Surges As SEC Acknowledges ETF Filing
The SEC has become more crypto-friendly this year under President Donald Trump’s administration. Besides Bitcoin and Ethereum, the regulator has yet to approve any altcoin or meme coin ETFs.
Still, it has remained open to giving these applications a chance. In line with this, on July 9, the regulator acknowledged Canary Capital’s Pengu ETF application.
“Pursuant to the provisions of Section 19(b)(1) under the Securities Exchange Act of 1934 (“Exchange Act” or the “Act”), and Rule 19b-4 thereunder, Cboe BZX Exchange, Inc. (“BZX” or the “Exchange”) is filing with the Securities and Exchange Commission (“Commission” or “SEC”) a proposed rule change to list and trade shares of the Canary PENGU ETF (the “Trust”), under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares,” the notice reads.
The proposed ETF is unique in that it will hold both PENGU tokens and Pudgy Penguins non-fungible tokens (NFTs). The fund allocates 80-95% of its assets to PENGU tokens and 5-15% to Pudgy Penguins NFTs.
Canary Capital submitted the S1 filing for the ETF in March. On June 25, Cboe BZX filed a 19b-4 with the SEC. The filing was amended twice, with the most recent amendment submitted on July 8.
The SEC is now inviting public comments on the proposal, with the submission deadline set for 21 days after its publication in the Federal Register.
This development triggered a significant price surge for PENGU, reinforcing its market-defying rally. BeInCrypto data showed that the altcoin surged 23.54% to a press time value of $0.018. This marked its highest price level since late January 2025.
The rise has also secured PENGU a spot as the top daily gainer on CoinGecko. Notably, the price reaction isn’t surprising.
Past ETF developments have proven favorable for the coin, as seen in March and June, when the filings triggered double-digit increases. The consistent positive market response to ETF progress highlights investor confidence.
PENGU Future Outlook
Meanwhile, analysts are also quite optimistic about PENGU’s prospects. They have identified a cup-and-handle pattern forming on its chart. For context, a cup-and-handle pattern is a bullish continuation signal.
It features a “U”-shaped cup followed by a brief pullback (handle), with a breakout above the resistance indicating potential upward momentum.
“PENGU – 50% loading soon and fun times ahead,” an analyst posted.
Moreover, another expert suggested that PENGU has the potential to become a leading meme coin in the current market cycle, with the ETF acting as a key catalyst.
“People say PENGU will lead the meme revolution to the masses this cycle with its ETF filing, etc,” he wrote.
Thus, with the technical indicators, strong price rally, and ETF progress, the future outlook for PENGU appears bright. Nonetheless, while the momentum is promising, the volatility typical of meme coins should not be overlooked. The actual performance will depend on broader market conditions, regulatory developments, and investors’ continued interest.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
