PENGU, the memecoin inspired by Pudgy Penguins, is making headlines after the U.S. SEC acknowledged a spot ETF filing by Canary. The news sent the Solana-based token soaring nearly 30%, hitting its 6-month high. It was also the top-performing crypto in the Top 100 today on Coingecko.
ETF Buzz Lifts PENGU
It is currently trading at $0.01956, up 33% in the last 24 hours. Its market cap has surged past $1.2 billion, with a 24-hour trading volume exceeding $700 million.
The proposed ETF will invest mostly in PENGU tokens (80–95%) and a smaller portion in Pudgy Penguins NFTs (5–15%). The filing was made by Cboe BZX Exchange after Canary submitted its initial application in March. Cboe updated the proposal twice, most recently on July 8. The SEC is now inviting public comments on the proposal.
PENGU has seen strong price jumps previously, after ETF-related news. Analysts are also bullish, pointing to a cup-and-handle pattern on the chart, which is a classic signal of continued upward momentum.
Analysts Bullish on PENGU
One of the analyst notes PENGU might be one of the best bets right now, not just as a meme coin, but also as a way to invest in the growing AbstractChain ecosystem. Analyst Mac notes that the token has broken out of its range highs. There is minimal resistance until $0.0027, suggesting further upside potential in the near term for new investors.
Analyst Ali Martinez recently shared that PENGU is showing strong bullish signs. He calls its current move a “textbook retest” and predicts the token could hit $0.060 by August. If the ETF gets approved, the price could go even higher.
This comes as the memecoin market sees a surge in trading volume. Investor confidence is rising again as PENGU’s funding rate has also turned positive. Whales have also increased their holdings, which shows renewed interest.
Looking Ahead to 2025
The token is holding strong above key moving averages, and with RSI above 60 and support forming near $0.015, signs point to a continued bullish trend, if trading volume rises.
The price is expected to climb 15–20%, possibly reaching $0.0185 to $0.0192 by the end of July. If momentum builds further, the next target is $0.0225. Analysts believe that PENGU is gearing up for another rally in 2025 and may stay strong through the year.
