$PENGU
**PENGU Memecoin Surges 100% Amid ETF Speculation and Social Media Buzz**
The cryptocurrency PENGU, inspired by the popular Pudgy Penguins NFT collection, has doubled in value this week, reaching $0.031. The rally follows Coinbase’s decision to update its social media profile to a Pudgy Penguins NFT, sparking renewed interest in the memecoin.
**ETF Filing Adds Fuel to the Rally**
The surge gained further momentum as the U.S. Securities and Exchange Commission (SEC) reviews an ETF application for PENGU filed by Canary Capital in March. The proposal is among more than two dozen altcoin ETF submissions, including those for Solana (SOL), Ripple (XRP), and Dogecoin (DOGE).
**Institutional Interest or Speculative Frenzy?**
Analysts at Presto Research noted that PENGU’s price movement has been "relatively steady rather than a sudden spike," suggesting potential institutional interest beyond mere ETF hype. However, skepticism remains regarding the coin’s long-term prospects.
**Experts Question Sustainability**
The founder of crypto platform Giottus expressed doubts about PENGU’s fundamental value, highlighting concerns over its utility compared to established cryptocurrencies. Prediction markets reflect this uncertainty, with 58.5% of traders betting against PENGU ETF approval before October.
**Market Sentiment Hinges on Bitcoin’s Performance**
For now, PENGU appears poised to capitalize on the current bullish crypto market trend—provided Bitcoin and major altcoins continue their upward trajectory. Traders are closely watching whether the memecoin can sustain its momentum or if the rally will fade as speculation cools.
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