PENGU is experiencing a surge in market activity following renewed optimism surrounding the potential approval of the Canary PENGU ETF. PENGU’s price has increased almost 2% in the past 24 hours. It now sits at $0.009832, based on CoinMarketCap data. This surge is a testament to increasing investor confidence, confidence driven by all the positive signals surrounding the ETF’s regulatory future.
During that time, the digital asset’s market capitalization has skyrocketed to a $745 million. With an outflow trading volume of $124 million, this surge indicates a high level of investor interest. These recent developments have caused a flurry of excitement amongst the cryptocurrency community, with many hopeful for even more gains for PENGU.
Market Performance and ETF Structure
PENGU peg currently has a fully diluted market cap around $745 million. This figure is quite accurate to its real market cap due to the token’s supply burning mechanisms. The heavy daily trading volume of $124 million is a testament to the increased liquidity and investor interest that PENGU has garnered.
The PENGU ETF would ultimately invest between 80–95% of its assets in PENGU tokens. It will spend 5–15% of it on Pudgy Penguin NFTs. The fund’s goal is to keep a minimum of 95% of its value directly in PENGU and its linked NFT collection depth.
Pudgy’s Pudgy Pals noted by analysts as an unusual structure to provide investors exposure to both the PENGU token and the in-demand Pudgy Penguin NFT collection. Such a design may be more appealing to a broader range of investors.
Regulatory Developments and Expert Opinions
The reason for the recent market momentum is the excitement surrounding the 19b-4 filing for the Canary PENGU ETF. A rundown on the technical 19b-4 filing almost sparked a renaissance for PENGU. Most notably, Bloomberg ETF analyst Eric Balchunas recently expressed optimism about the fund’s approval prospects, which sent investor sentiment soaring.
The potential approval of the Canary PENGU ETF could establish a significant precedent for the regulatory treatment of Solana ecosystem tokens within U.S. financial markets. This first-to-market development is heavily scrutinized by industry players, as it would open the floodgates for a host of Solana-based investment products.
Future Outlook and Price Targets
Fueled by the positive momentum, PENGU is now aiming for a price target of $0.012, driven by the increased visibility from NYSE VanEck's interest. This ambitious target is a testament to the increasing confidence shown by investors and analysts.
PENGU is deployed on the Solana and Ethereum blockchains, allowing it to harness the strengths of both ecosystems. This unique dual-chain presence improves both its accessibility and its overall utility, making it more likely to attract future adoption and subsequently powered price appreciation.
