TL;DR
- The PENGU token jumped 125% in seven days and 21% in the last 24 hours, driven by ETF rumors and signals from Coinbase.
- Canary Capital filed an ETF application for the token, joining over twenty similar proposals before the SEC, including Solana and XRP.
- On prediction platform Myriad, 58.5% of users believe the SEC will reject the ETF before October, despite the token’s speculative rally.
The PENGU token, inspired by the Pudgy Penguins collection, delivered one of the most aggressive rallies in the market, soaring over 125% in just seven days.
The surge followed speculation about a possible ETF approval tied to the token and a string of public gestures from major crypto figures. PENGU is currently trading around $0.0342, according to CoinMarketCap data, up 21% in the last 24 hours, 125% on the week, and an impressive 249% over the past month.
Momentum picked up after new ETF filings surfaced with the SEC, including a submission from Cboe to list the Canary PENGU ETF. Canary Capital registered the initiative in March as part of a batch of over twenty similar applications, involving assets like Solana, XRP, and Dogecoin.
Adding to the hype, Coinbase changed its X —formerly Twitter— profile picture to a Pudgy Penguins NFT. The move coincided with a brief account takeover by Alex A., a former Binance community lead who now heads social media strategy at Coinbase.
Nearly 60% Odds Against PENGU ETF Approval
While the frenzy held for several days, analysts warned about the lack of solid fundamentals behind the token. Min Jung from Presto Research noted that the price action showed a degree of consistency but admitted it’s driven more by speculative hype than structural strength. According to Jung, PENGU might sustain momentum as long as Bitcoin and the broader crypto market stay positive, though its long-term resilience remains questionable.
Meanwhile, Bitcoin slipped 4% in the last 24 hours to $117,000 after reaching a weekly high of $123,000. Despite the pullback, institutional capital flows remain strong. Spot Bitcoin ETFs attracted $2.7 billion in net inflows last week, according to Farside Investors.
The debate over a PENGU ETF continues. Arjun Vijay, founder of exchange Giottus, considered its approval unlikely, pointing out that even established tokens like Dogecoin still lack such products. On prediction platform Myriad, 58.5% of users expect the SEC to reject the application before October
