Penguin-based Cryptocurrency, PENGU, records a 29% surge in value due to heightened interest in a potential Spot ETF.
In a significant development for the cryptocurrency market, the United States Securities and Exchange Commission (SEC) has officially acknowledged Canary's filing for the spot PENGU ETF as of early July 2025. Although this acknowledgment is an important procedural step in the ETF approval process, it does not yet constitute approval of the ETF itself.
This acknowledgment has sparked a wave of bullish optimism in the market, leading to a significant surge in the price of Pudgy Penguins (PENGU). Over the past 24 hours, PENGU's price has jumped approximately 28-30%, reaching around $0.019. This surge has propelled PENGU's market cap above the $1 billion mark, securing its position among the top 100 cryptocurrencies by market value.
The surge in PENGU's price has been accompanied by a dramatic increase in open interest (OI) in PENGU futures. Data from Coinalyze reveals that aggregated OI surged past $176.9 million, a 52% increase from previous levels. This surge in OI reflects a flood of new positions being opened during the rally.
Analyst Ali projects a target of $0.060 for PENGU by early August, with resistance levels at $0.032 and $0.044 acting as potential stepping stones towards this target. Analyst Martinez has also suggested that PENGU may soon test the $0.044 level, representing a potential 200% gain from earlier trading levels.
However, it's important to note that despite the bullish sentiment, the market is not without its risks. A chart shared by analyst Ali indicates that PENGU recently completed a bullish retest near $0.013. Despite the current surge, the market sentiment remains negative, as indicated by a negative funding rate and a dominance of short sellers. Rapid liquidation could occur if momentum fades, posing a risk with elevated OI.
Canary’s ETF proposal plans to allocate 80–95% in PENGU tokens and 5–15% in Pudgy Penguins NFTs, suggesting a diversified investment product tied to both the token and its associated NFTs. If the ETF eventually gains approval, this could add significant value to PENGU.
In conclusion, the SEC’s acknowledgment has been a catalyst for a strong price rally and increased market activity around PENGU. The final approval is still pending, and the market is watching closely, with the potential approval expected to further boost PENGU’s price if it materializes. At the time of writing, PENGU was trading at $0.01902 with a 24-hour trading volume of $431 million.
- The surge in PENGU's price, accompanied by an increase in open interest in PENGU futures, suggests a heightened interest in crypto trading and investing, with technology playing a crucial role in facilitating these activities.
- The potential approval of Canary's ETF, which plans to allocate a significant percentage in PENGU tokens and NFTs, could further boost the crypto's finance value and enhance its standing in the blockchain world.
- Despite the bullish sentiment, it's essential to be aware of the market risks associated with PENGU, such as negative funding rates and the dominance of short sellers, which could potentially lead to rapid liquidation, especially with elevated open interest.
