Pudgy Penguins Token Surges 28% on SEC ETF Filing Acknowledgment

Pudgy Penguins (PENGU), the token associated with the Pudgy Penguins project, experienced a significant surge of over 28% in the last 24 hours, reaching a trading price of $0.0189. This substantial increase was driven by the U.S. Securities and Exchange Commission's (SEC) official acknowledgment of Canary Capital’s ETF filing. The token also gained 25.0% against Bitcoin, reaching 0.000000170203.

Canary’s ETF aims to allocate 80–95% of its assets to PENGU. The remaining portion would include Pudgy Penguins NFTs and small positions in Ethereum and Solana. The ETF structure offers public market access to digital-native assets through a regulated framework. If listed, it would be the first to combine a memecoin with NFTs on a major U.S. exchange.

The ETF proposal submitted by Canary Capital introduces a hybrid structure. It merges Pudgy Penguins NFTs with PENGU tokens and includes exposure to liquid tokens like ETH and SOL. The fund intends to create a diversified Web3 product under regulatory oversight. The SEC’s acknowledgment signals the start of a review process. While approval is not guaranteed, the crypto community interprets the filing as a positive step.

The ETF’s core allocation to PENGU aligns with the token’s current use within the Pudgy Penguins ecosystem. The 5–15% allocation to NFTs and Layer 1 tokens aims to support liquidity structure and bridges retail crypto culture with traditional markets. The listing exchange has not been disclosed. However, the product would mark the first instance of a memecoin entering the ETF landscape alongside NFTs.

Technical analysis shows PENGU has broken out of a cup-and-handle pattern. The structure began forming in March, bottoming near $0.0037. A rounded base followed, peaking at $0.0175 in May. After a brief consolidation, the token broke above $0.0173 this week. Volume increased during the breakout, confirming strong market participation. The chart pattern indicates a 75% potential upside, targeting the $0.031 zone. Traders see this setup as a strong bullish signal, and if momentum continues, analysts expect further movement in the short term.