PENGU Surges 29% After SEC Acknowledges ETF Filing

PENGU, a meme coin built on the Solana blockchain, experienced a significant price surge of nearly 29% within a 24-hour period. This substantial increase was triggered by the acknowledgment from the US Securities and Exchange Commission (SEC) of a filing for the Canary Spot PENGU ETF. At the time of this surge, PENGU was trading at $0.01902, marking a notable milestone in the crypto market. This development has reignited interest in the token, with many traders viewing the ETF filing as a potential catalyst for broader adoption. Over the past week, PENGU has gained over 16%, indicating strong momentum as anticipation grows over potential ETF approval.

Canary's ETF allocation strategy includes 80–95% in PENGU tokens and 5–15% in Pudgy Penguins NFTs, suggesting a diversified investment opportunity. The SEC’s acknowledgment does not equate to an approval, yet it has sparked renewed optimism. The market response has been robust, with open interest in PENGU futures soaring by 52% to $278 million. Despite the bullish price movement, the funding rate remains negative, pointing to a dominance of short sellers.

Crypto analyst Ali shared a chart indicating that PENGU recently completed a textbook bullish retest near $0.013. The price has since rebounded and is now targeting $0.060 by August, according to the projection. Ali noted that this is just the start and that once the ETF gets approved, the potential for further growth is significant. Resistance zones are marked near $0.032, $0.044, and $0.060, suggesting a reversal of the downtrend that began in February, supported by a newly confirmed support level just above $0.013.

Analysts predict PENGU might reach $0.060 by August, contingent on ETF approval. Historical precedents from other ETF acknowledgments in crypto markets show potential for further rallies. This event marks a significant milestone in the crypto market, driving immediate interest and price shifts while highlighting PENGU's market potential. The surge in PENGU's price is a testament to the volatile nature of the cryptocurrency market, where news and regulatory developments can have a significant impact on the value of digital assets. As the market continues to evolve, traders and investors will be closely watching for any further developments that could impact the price of PENGU and other meme coins. The acknowledgment by the SEC has been seen as a positive indicator for the broader cryptocurrency market, as it suggests a growing acceptance of digital assets by regulatory bodies. This news has led to increased speculation and optimism among traders, who are now looking for opportunities to capitalize on the potential price movements of PENGU and other meme coins.