Pudgy Penguins (PENGU) has reached a near six-month high, experiencing a double-digit price surge following the official acknowledgment by the US Securities and Exchange Commission (SEC) of the Canary PENGU exchange-traded fund (ETF) filing. This development injects significant momentum into the meme coin's recent bullish rally.
Under President Donald Trump’s administration, the SEC has demonstrated a more crypto-friendly stance this year. While Bitcoin and Ethereum ETFs have gained traction, the regulator has shown an openness to considering applications for altcoin and meme coin ETFs.
On July 9, the SEC officially acknowledged Canary Capital's Pengu ETF application. The notice states: "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."
This proposed ETF is particularly unique because it intends to hold both PENGU tokens and Pudgy Penguins non-fungible tokens (NFTs). The fund plans to allocate 80-95% of its assets to PENGU tokens and 5-15% to Pudgy Penguins NFTs. Canary Capital initially submitted the S1 filing for the ETF in March, with Cboe BZX filing a 19b-4 with the SEC on June 25, which was amended twice, most recently on July 8. The SEC is now inviting public comments on the proposal, with a 21-day deadline from its Federal Register publication.
The price reaction to this news is not surprising, as PENGU has consistently seen positive market responses to past ETF developments, including double-digit increases in March and June when earlier filings occurred. This consistent bullish reaction underscores investor confidence in the meme coin's potential. PENGU has also secured a spot as the top daily gainer on CoinGecko.
Analysts are increasingly optimistic about PENGU's future. Many have identified a cup-and-handle pattern forming on its chart, which is a bullish continuation signal. This pattern, characterized by a "U"-shaped cup followed by a brief pullback (the "handle"), typically precedes upward price momentum upon a breakout above resistance.One analyst remarked, "PENGU – 50% loading soon and fun times ahead," while another suggested that PENGU has the potential to become a leading meme coin in the current market cycle, with the ETF acting as a crucial catalyst.
With strong technical indicators, a robust price rally, and ongoing ETF progress, the outlook for PENGU appears promising. However, it's important to remember the inherent volatility of meme coins. The actual performance will depend on broader market conditions, further regulatory developments, and sustained investor interest.
July 2025, Cryptoniteuae