The U.S. Securities and Exchange Commission (SEC) has formally acknowledged Canary Capital's filing for a spot exchange-traded fund (ETF) tracking Pudgy Penguins' PENGU token, triggering an immediate 23-28% price surge for the meme coin. The proposed Canary PENGU ETF marks the first attempt to combine meme coins with NFTs in a regulated financial product, allocating 80-95% of assets to PENGU tokens and 5-15% to Pudgy Penguins NFTs.
Following the SEC's July 9 notice, PENGU reached $0.018 – its highest price since January 2025 – and became the top daily gainer on CoinGecko. This continues a pattern of double-digit rallies following ETF-related developments, with previous filings in March and June 2025 similarly boosting prices. The SEC has opened a 21-day public comment period on the proposal, which was originally submitted in March and amended twice, most recently on July 8.
Technical analysts highlight a bullish cup-and-handle pattern forming on PENGU charts, with one noting, 'PENGU – 50% loading soon and fun times ahead.' Market sentiment remains optimistic as PENGU's market cap approaches $1 billion, with experts suggesting the ETF could position PENGU as a leading meme coin this market cycle. However, volatility risks persist pending final SEC approval.