- ETF proposal integrates PENGU tokens, Pudgy Penguins NFTs, SOL, and ETH to broaden crypto portfolio diversification strategies efficiently.
- Short-term market surge observed following filing, with speculative buying triggering rapid price fluctuations and temporary investor sentiment shifts.
Canary Capital has formally requested approval from the U.S. Securities and SEC to launch an ETF linked to PENGU, a cryptocurrency. Following the announcement, the token’s market value rose by 18%.
The application specifies that the ETF would hold both PENGU tokens and Pudgy Penguins non-fungible tokens (NFTs), creating a regulated investment vehicle for individuals seeking indirect exposure to these digital assets without owning them directly.
This represents a novel approach to integrating blockchain-based assets into traditional financial markets, bridging the gap between speculative digital holdings and mainstream investment products.
By combining a meme-inspired cryptocurrency with NFTs—unique digital collectibles tied to the Pudgy Penguins brand—the fund aims to diversify risk while capitalizing on the growing interest in internet culture-driven assets.
For instance, the filing for an Aptos ETF led to an increase in the token’s price from $5.05 to $6.54, followed by a decrease to $4.8. In another case, an ETF application for Dogecoin in March raised its price to a local high of $0.24, only for the token to settle at $0.16 later on. These examples indicate that ETF applications can trigger a phase of speculative buying, which typically results in a short-term rally before market corrections take place.
Following the announcement of the PENGU ETF filing, the token’s value climbed from $0.0064 to $0.0076, surpassing a previous resistance level of $0.006. Although the price later retracted to $0.0063, market data shows a shift in investor sentiment.
Indicators suggest that more investors are accumulating the token, as evidenced by a higher number of buying addresses compared to selling ones.
If current trends continue, the token may regain strength and move upward toward the $0.007 level, with potential to reach $0.008. However, there is also a possibility that the price could drop to around $0.0059 if market conditions change.
The application by Canary Capital marks the first attempt to launch a PENGU ETF, and its progress may influence the trading behavior of the memecoin in the near future.
The post PENGU ETF: First Institutional Bet on a Memecoin Triggers Surge in Volume and Aggressive Accumulation appeared first on ETHNews.
