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Key Takeaways:
- PENGU price surged 24% after the SEC acknowledged a Spot ETF filing by Canary Capital.
- Trading volume jumped 500%, pushing the meme coin’s market cap above $1.23 billion.
- Whale accumulation and positive funding rates hint at sustained bullish momentum.
Meme coin mania heats up again as Pudgy Penguins’ native cryptocurrency, PENGU, surges 24% within 24 hours. This rally pushed its price to a six-month high of $0.0191, fueled by the U.S. SEC’s acknowledgment of a Spot PENGU ETF filing by Canary Capital.
With trading volume spiking and investor optimism rising, analysts suggest the meme coin could be gearing up for a prolonged bullish run.
ETF Filing Ignites Market Optimism
The recent price rally comes after the SEC acknowledged a Spot PENGU ETF filing, marking a major regulatory milestone for the Solana-based meme coin.
Canary Capital had initially submitted the S-1 application in March, followed by a 19b-4 filing from Cboe BZX on June 25. The most recent amendment was filed on July 8, and the ETF proposal is now open for public comment for 21 days.
This development is reminiscent of past crypto rallies sparked by ETF speculation, now playing out again in the meme coin arena.
Trading Volume and Market Cap Explode
Alongside the price jump, PENGU’s daily trading volume soared 500% to $864 million, indicating rising demand and strong bullish momentum. The coin’s market cap also crossed $1.23 billion, solidifying its place among the top Solana meme coins.
According to Coinglass, open interest surged by 51% to $276 million, while over $3.18 million in short positions were liquidated, showing aggressive buying pressure.
Whale Activity and Technical Indicators Turn Bullish
On-chain data reveals growing whale accumulation, with wallet addresses holding over $1 million in PENGU increasing their balances by 1% in just one day, according to Nansen.
Also Read: Pudgy Penguins Holds Strong Above Breakout Zone
The funding rate for PENGU has also flipped positive, a first since early July, signaling a clear tilt toward long positions. Crypto analyst Ali Martinez highlighted a textbook bullish chart formation, predicting a possible 200% surge to $0.60 by August, especially if the ETF receives SEC approval.
Slap yourself if you are sleeping on $PENGU. This is a textbook bullish retest. $0.060 by August is just the start. Once the ETF gets approved, who knows how far this can go. https://t.co/QJJVClSNjl pic.twitter.com/KfXhNAmgeq
— Ali (@ali_charts) July 9, 2025
With strong technicals, growing institutional interest via the ETF route, and a surging community, PENGU appears poised for further upside. If the SEC moves forward with approval, this could mark a historic turning point for meme coins in mainstream finance.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
