Pudgy Penguins' PENGU Token Surges Past Bitcoin Amidst Memecoin Frenzy

Pudgy Penguins' token, PENGU, has surged 28% in the past 24 hours, outpacing Bitcoin's 5% gain and surpassing established names like Fantom and Flow in market cap. With a market cap of over $1.2 billion and over $1 billion in trading volume, PENGU is showing signs of momentum. Other memecoins like FARTCOIN, BONK, and WIF are also experiencing gains, but PENGU is leading the pack.

Pudgy Penguins' token, PENGU, has experienced a significant surge in the past 24 hours, outpacing Bitcoin's 5% gain and surpassing established names like Fantom and Flow in market cap. As of July 2, 2025, PENGU's market cap has exceeded $1.2 billion, with trading volumes surpassing $1 billion. This momentum is being driven by renewed market enthusiasm following a key regulatory milestone: the US Securities and Exchange Commission (SEC) has officially acknowledged a proposed exchange-traded fund (ETF) that would hold both PENGU tokens and Pudgy Penguins non-fungible tokens (NFTs) [1].

The SEC's notice, issued under Section 19(b)(1) of the Securities Exchange Act, confirmed it is considering Cboe BZX Exchange’s application to list the Canary PENGU ETF. The proposed fund introduces a dual-asset structure that allocates between 80% and 95% of the fund’s holdings to PENGU tokens and 5% to 15% to Pudgy Penguins NFTs. This blend of digital assets offers investors exposure to both the meme coin and its associated NFT collection [1].

The SEC has opened a 21-day public comment window following the acknowledgement, which does not imply approval but is a required step before a final decision can be made. The ETF notice has had a measurable market impact, with PENGU’s price spiking immediately following the SEC’s acknowledgement, making it the top daily gainer on CoinGecko at the time of writing [1].

Technical signals and ETF interest have driven sentiment around PENGU, with traders identifying a cup-and-handle formation in the token's price chart, a common bullish continuation pattern. This setup suggests the possibility of further gains if resistance levels are broken. The combination of technical bullish signals and a regulatory event has driven investor speculation that the token could become a leader in its category during the current cycle [1].

PENGU's rally is being closely watched as a potential test case for crypto ETFs that move beyond Bitcoin and Ethereum, especially given the inclusion of NFTs in its structure. Though the final outcome of the ETF proposal remains uncertain, the price response highlights growing confidence among retail and institutional investors in tokenised products that link fungible and non-fungible digital assets [1].

References:
[1] https://invezz.com/news/2025/07/10/pudgy-penguins-jumps-23-on-etf-proposal-linking-crypto-and-nft-assets/