The last price increase occurred just one day after PENGU showed a 30% rise.
This increase came after the recognition by the US SEC of Canary Capital's application for a PENGU ETF. The application proposes a basket that includes between 80% and 95% exposure to PENGU and related NFT assets. This makes PENGU the only meme coin, apart from Dogecoin, currently associated with an ETF proposal in the United States.
ETF applications are often an indicator of credibility in the cryptocurrency sector. When the SEC acknowledges an application, it means it has passed the preliminary approval phase.
Therefore, this is a significant achievement for a meme coin like PENGU.
Meanwhile, the token's trading volume in 24 hours also exceeded $1.24 billion, according to data from CoinMarketCap. The current market capitalization of the token is approximately $1.39 billion, following a 28.97% increase in the last 24 hours, indicating growing interest from investors.