- Cup-and-handle breakout confirms bullish trend with $0.031 target.
- ETF includes PENGU, NFTs, ETH, and SOL in a hybrid structure.
PENGU jumped 28.0% within 24 hours, hitting $0.0189 after a key SEC filing. According to CoinGecko, PENGU’s price surged sharply after 06:00 and spiked again after noon.
The token also gained 25.0% against Bitcoin, reaching 0.000000170203. Analysts attributed the price movement to the U.S. SEC’s official acknowledgment of Canary Capital’s ETF filing.
Canary’s ETF aims to allocate 80–95% of its assets to PENGU. The remaining portion would include Pudgy Penguins NFTs and small positions in Ethereum and Solana.
The ETF structure offers public market access to digital-native assets through a regulated framework. If listed, it would be the first to combine a memecoin with NFTs on a major U.S. exchange.
ETF Combines NFTs, Memecoins, and Liquidity Assets
The ETF proposal submitted by Canary Capital introduces a hybrid structure. It merges Pudgy Penguins NFTs with PENGU tokens and includes exposure to liquid tokens like ETH and SOL. The fund intends to create a diversified Web3 product under regulatory oversight.
The SEC’s acknowledgment signals the start of a review process. While approval is not guaranteed, the crypto community interprets the filing as a positive step.
The listing exchange has not been disclosed. However, the product would mark the first instance of a memecoin entering the ETF landscape alongside NFTs.
The ETF’s core allocation to PENGU aligns with the token’s current use within the Pudgy Penguins ecosystem. The 5–15% allocation to NFTs and Layer 1 tokens aims to support liquidity structure and bridges retail crypto culture with traditional markets.
Cup-and-Handle Breakout Adds Bullish Confirmation
Technical analysis shows PENGU has broken out of a cup-and-handle pattern. The structure began forming in March, bottoming near $0.0037. A rounded base followed, peaking at $0.0175 in May. After a brief consolidation, the token broke above $0.0173 this week.
Volume increased during the breakout, confirming strong market participation. The chart pattern indicates a 75% potential upside, targeting the $0.031 zone. Traders see this setup as a strong bullish signal, and if momentum continues, analysts expect further movement in the short term.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
