The increase of pengu is really impressive, it has been rising almost without any pullbacks. I believe the core reason for the rise is that pengu applied for an ETF, and it may become a meme coin listed with doge. application for pengu was submitted by a small institution. So at that time, I didn't consider investing in pengu, thinking it wouldn't pass the ETF.

As a result 😂, it has been rising steadily; whether it will get approved or not, it's better to rise first and talk later. Additionally, recently several exchanges changed their penguin avatars, which further increased the hype and the rise has been astonishing.

However, missing out is just missing out; there's nothing to be done. Even if I had bought it back then, I wouldn't have invested heavily. In summary, it was a misjudgment; even a small position could have been taken. Nevertheless, applying for an ETF is still a form of speculation. Currently, there are two possibilities:

1. pengu continues to rise with increasing hype, community activity, and funding, and miraculously gets approved, but I think this possibility is low.

2. The ETF is purely a hype tactic and won't get approved at all; it is simply using the ETF application as a means, and it knows it won't pass. If the SEC in the US shows any unfavorable signs, the existing price won't hold.

I currently lean towards the second possibility; the reason is not complicated. Besides the previously mentioned weakness of the applying institution and low approval probability, there's another reason. The recognized meme leader in this bull market, pepe, has gained its current status and market cap through frequent endorsements by Musk and President Trump. Now, pengu's market cap is getting closer to pepe's, and estimating pengu's price based on pepe's market cap, I find that pengu's rise is somewhat exaggerated. I am looking for an opportunity to short it with a small position. If ETH rises to around 4000 and there is a situation where it can't break above a range, I plan to short pengu with a small position and take a small profit.