Pudgy Penguins (PENGU) soared to a close to six-month excessive after the US Securities and Alternate 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 change into extra crypto-friendly this yr 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 purposes an opportunity. Consistent 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 Alternate Act of 1934 (“Alternate Act” or the “Act”), and Rule 19b-4 thereunder, Cboe BZX Alternate, Inc. (“BZX” or the “Alternate”) is submitting with the Securities and Alternate Fee (“Fee” or “SEC”) a proposed rule change to record and commerce shares of the Canary PENGU ETF (the “Belief”), beneath BZX Rule 14.11(e)(4), Commodity-Primarily based Belief Shares,” the discover reads.
The proposed ETF is exclusive in that it’ll maintain each PENGU tokens and Pudgy Penguins non-fungible tokens (NFTs). The fund allocates 80-95% of its belongings 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 growth triggered a major worth 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 worth stage since late January 2025.
Pudgy Penguins (PENGU) Value Efficiency. Supply: BeInCrypto
The rise has additionally secured PENGU a spot as the highest every 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 short pullback (deal with), with a breakout above the resistance indicating potential upward momentum.
“PENGU – 50% loading quickly and enjoyable occasions forward,” an analyst posted.
PENGU Value Prediction. Supply: X/Holdersignals
Furthermore, one other professional urged that PENGU has the potential to change into a number one meme coin within the present market cycle, with the ETF performing as a key catalyst.
“Individuals say PENGU will lead the meme revolution to the lots this cycle with its ETF submitting, and so on,” he wrote.
Thus, with the technical indicators, sturdy worth rally, and ETF progress, the long run outlook for PENGU seems vibrant. Nonetheless, whereas the momentum is promising, the volatility typical of meme cash shouldn’t be missed. The precise efficiency will depend upon broader market situations, regulatory developments, and buyers’ continued curiosity.
