- In a twist worthy of a Dostoevsky novel, PENGU has soared by 18% post ETF filing, as if the market had suddenly discovered the joys of vodka and caviar!
- Canary Capital, in a move that could only be described as audacious, seeks the SEC’s approval for the first PENGU ETF. Who knew penguins could fly?
Ah, since the grand approval of Ethereum Spot ETFs in the fateful year of 2024, other altcoins have decided to join the circus. Over the last four months, particularly since the re-election of President Trump (yes, you heard that right), stakeholders have been filing applications with the SEC like it’s a game of musical chairs!
And now, the latest crypto to waddle into this spectacle is none other than the illustrious Pudgy Penguins [PENGU].
According to a recent SEC filing, Canary Capital has thrown its hat into the ring, applying for a PENGU ETF. This is not just any filing; it’s the first of its kind! If approved, it would mean the first-ever memecoin-related ETF. Imagine that! A chance to invest in PENGU tokens and Pudgy Penguins NFTs without ever having to leave your couch!
Moreover, the proposal states that the ETF will hold other digital assets like SOL and ETH, because why not throw a party with all the cool kids? If the SEC gives a thumbs up, investors can track PENGU’s price and performance without the hassle of actually owning anything. What a time to be alive!
Significantly, this PENGU ETF will offer institutional investors a chance to dip their toes into the crypto waters without the need to navigate the murky depths of crypto platforms. Such exposure could send the altcoin’s performance skyrocketing, or at least give it a good nudge!
How other altcoins performed after their ETF filings
In light of the Altcoins’ ETF frenzy, it’s vital to understand how others have performed after their ETF filings. Will PENGU replicate the market trend, or will it be left flapping in the wind?
For instance, just two weeks ago, Bitwise filed for an Aptos ETF with the SEC. The announcement sent APT soaring from $5.05 to $6.54, only for it to crash back down to $4.8. A classic case of “what goes up must come down!”
Something similar happened to Dogecoin [DOGE] after its filing. On March 3, 2025, Bitwise filed for a Dogecoin ETF, and DOGE’s price shot up to a local high of $0.24. But alas, the memecoin has since faced strong downward pressure, currently priced at $0.16. It’s like watching a balloon slowly deflate!
To put it simply, a filing usually causes speculative buying, leading to a short-term rally, only to be followed by a sell-off. It’s the circle of crypto life!
PENGU’s case study
Like its fellow altcoins, PENGU’s price appreciated after the announcement, climbing from $0.0064 to $0.0076. An 18% hike, no less! It broke through its $0.006 resistance like a penguin breaking through the ice!
However, at the time of writing, the memecoin had already retraced to $0.0063. Oh, the irony!
Despite the retracement, the altcoin has seen a surge of bullish sentiment. This was evidenced by the fact that weighted sentiment turned positive for the first time in six days. Investors are feeling warm and fuzzy about the memecoin, which usually attracts more investors. It’s like a snowball effect, but with penguins!
Finally, PENGU’s spot netflows reached their highest negative level of -$557.9k for the first time in eight days. This suggests that
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2025-03-21 15:06