Here’s Why Pudgy Penguins (PENGU) is Up Over 29% Today

PENGU, the native cryptocurrency of the non-fungible token (NFT) project, Pudgy Penguins, is up double digits today. The rally can be attributed to a positive development regarding the spot exchange-traded fund (ETF) application filed by the digital asset fund management firm Canary Capital.

According to a tweet by the Solana Floor X account, the United States Securities and Exchange Commission has acknowledged Canary’s spot PENGU ETF filing. The official acknowledgement has sparked renewed interest in the token, with many analysts predicting a bullish trajectory for its price.

PENGU has already surged at least 33% since the announcement. Data from CoinMarketCap shows the token trading at around $0.0198, driven by euphoria following the SEC’s move. This represents a significant increase from the $0.0147 level where PENGU hovered before the announcement.

It is worth noting that PENGU’s market cap has increased by 32% to $1.2 billion, while its 24-hour volume has risen by 343% to $700 million. PENGU had begun to retrace a bit by the time of writing and was worth roughly $0.0193. Despite its recent surge, the token is still about 65% below its December 2024 all-time high (ATH) of $0.057.

What Are Pudgy Penguins?

Although PENGU is primarily a memecoin on the Solana blockchain, the Pudgy Penguins NFT project has one of the most active and influential communities in the crypto space. The project’s parent company, Igloo Inc., launched the collection in July 2021, and it sold out in minutes.

The collection, launched on the Ethereum blockchain, comprises 8,888 digital collectibles themed around plump penguins. Since its launch, the project has expanded to other blockchains, including Solana, and has launched businesses such as Pudgy Toys. Pudgy’s mascot has been spotted at several notable events, alongside Pudgy-themed games.

To reach a more crypto-native audience with the NFT-centric project, the Pudgy Penguins team launched PENGU in mid-December. Before the token went live, leading trading platforms such as Binance, OKX, and Bybit announced that they would list the token on their exchanges. Since its launch, PENGU has primarily been on a downward trajectory, reaching an all-time low of $0.0037 in early April. However, the latest development on the Canary spot PENGU ETF has reversed that negative trajectory.

The First NFT-Memecoin Fund

Canary filed for the ETF on March 20, 2025, but submitted an amended version on July 7. An acknowledgement from the SEC indicates that the agency is reviewing the application and will either approve or deny it in the coming weeks.

If approved, the ETF will usher PENGU onto a bigger stage, as Wall Street investors will gain access to the fund. The fund will be the first NFT-memecoin fund, and it is bound to unlock a new era for the crypto ETF market. 

According to the prospectus filed with the SEC, Canary intends to allocate a large part of the ETF’s portfolio to Pudgy Penguins and Pengu. The company will utilize the remaining part in holding SOL and ETH, for settling transaction costs.

Meanwhile, Canary says the main objective of the PENGU ETF is to provide capital appreciation. The asset manager has yet to reveal which exchange the fund will be listed on. However, it states that CSC Delaware Trust Company will serve as its trustee.

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