Pudgy Penguins (PENGU) has surged to its highest level in nearly six months after the U.S. Securities and Exchange Commission (SEC) officially acknowledged the filing for the Canary PENGU Exchange Traded Fund (ETF).
The price has increased by double digits, adding momentum to the latest price surge of this meme coin.
PENGU Price Soars as SEC Recognizes ETF Filing
The SEC has become more crypto-friendly this year under the administration of President Donald Trump. Beyond Bitcoin and Ethereum, the agency has not yet approved any altcoin or meme coin ETF.
However, they remain open to giving these applications a chance. Accordingly, on 07/09, the agency acknowledged Canary Capital's Pengu ETF application.
"Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 ("Exchange Act" or "Act"), and Rule 19b-4 thereunder, Cboe BZX Exchange, Inc. ("BZX" or "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"), pursuant to BZX Rule 14.11(e)(4), Commodity-Based Trust Shares," the notice read.
This proposed ETF is unique as it will hold both PENGU tokens and Pudgy Penguins Non-Fungible Tokens (NFTs). The fund will allocate 80-95% of its assets to PENGU tokens and 5-15% to Pudgy Penguins NFTs.
Canary Capital filed the S1 filing for the ETF in March. On 06/25, Cboe BZX submitted a 19b-4 filing with the SEC. The filing has been modified twice, with the most recent modification submitted on 07/08.
The SEC is now inviting public comments on this proposal, with a comment period of 21 days after publication in the Federal Register.
This development has triggered a significant price increase for PENGU, consolidating its outstanding price surge. Data from BeInCrypto shows the altcoin has increased by 23.54% to a value of 0.018 USD at the time of writing. This is the highest price since late January 2025.
Pudgy Penguins (PENGU) Price Performance. Source: BeInCryptoThis price surge has also helped PENGU become the top daily price gainer on CoinGecko. Notably, this price reaction is not surprising.
Previous ETF developments have proven beneficial for the coin, as seen in March and June, when filings triggered double-digit increases. The market's consistent positive reaction to the ETF process indicates investor confidence.
Future Prospects of PENGU
Meanwhile, analysts are also quite optimistic about PENGU's prospects. They have identified a cup and handle pattern forming on its chart. To understand better, the cup and handle pattern is a continuation signal for price increases.
It features a "U" shaped cup followed by a short correction (handle), with a breakout above the resistance level indicating potential upward momentum.
"PENGU – 50% loading and fun times ahead," an analyst posted.
PENGU Price Prediction. Source: X/HoldersignalsFurthermore, another expert suggests that PENGU has the potential to become the leading meme coin in the current market cycle, with the ETF playing a crucial catalyst role.
"People are saying PENGU will lead the meme revolution to the masses in this cycle with its ETF filing, etc.," he wrote.
Thus, with technical indicators, a strong price surge, and the ETF process, the future prospects for PENGU seem bright. However, despite the promising momentum, the typical volatility of meme coins should not be overlooked. Actual performance will depend on broader market conditions, regulatory developments, and continued investor interest.
