PENGU - a memecoin inspired by the Pudgy Penguins NFT collection - has just recorded a remarkable breakout after the U.S. Securities and Exchange Commission (SEC) confirmed it had received a proposal for an ETF related to PENGU submitted by Canary. This news has helped PENGU's price increase nearly 30%, reaching a six-month high and becoming the strongest gaining coin in the Top 100 today on Coingecko.
ETF news 'ignites' PENGU's upward momentum
Currently, PENGU is trading around $0.01929, up 30% in the last 24 hours. The market capitalization of this memecoin has exceeded $1.2 billion, while the 24-hour trading volume has surged to over $815 million.
According to information from the ETF filing, the fund is expected to primarily invest in PENGU tokens (80-95%) and a small portion in Pudgy Penguins NFTs (5-15%). The filing was submitted to the SEC by the Cboe BZX exchange after Canary filed in March. The proposal has been updated by Cboe twice, the most recent on July 8. The SEC has now begun to open the floor for community feedback.
Previously, PENGU has also experienced several strong price increases following news related to ETFs. According to technical analysts, a 'cup and handle' pattern is forming on the PENGU chart - this is a classic signal indicating that the upward trend is still ongoing.
Analysts have great confidence in PENGU
Some experts believe that PENGU is currently one of the most attractive investment options - not just a memecoin but also a 'gateway' to access the rapidly growing AbstractChain ecosystem. Analyst Mac noted that PENGU has just broken out of the accumulation price range and currently has the nearest resistance around the $0.0027 mark - indicating that there is still considerable room for price appreciation in the short term.
Meanwhile, expert Ali Martinez stated that the memecoin PENGU is currently executing a textbook retest. He predicts the price could reach $0.06 in August, and if the ETF fund is approved, the price could even exceed that figure.
Notably, the memecoin market is witnessing a surge in trading volume. Investor sentiment is also improving markedly, with PENGU's funding rate shifting to a positive value. On-chain data shows that whales are actively accumulating again - a sign that confidence is recovering.
Aiming for strong upward momentum in the second half of 2025
Currently, the price of this token remains stable on important moving averages. The RSI indicator is maintained above 60, and a strong support zone is forming around the $0.015 level - all supporting the upward trend in the near future if trading volume continues to improve.
Analysts expect PENGU's price to potentially rise an additional 15-20%, fluctuating between $0.0185 and $0.0192 by the end of July. If the upward momentum continues to strengthen, the next target will be $0.0225. In the long term, many believe that PENGU is preparing for a sustainable bullish cycle in 2025.