The Pudgy Penguins (PENGU) price rose nearly 50% over the past week. The move followed Canary Capital’s filing for an exchange-traded fund (ETF) that proposes holding PENGU tokens alongside Pudgy Penguins NFTs. The filing appeared last week on June 26.
PENGU’s surge added about $350 million to its market capitalization. Over the same period, Bitcoin (BTC) and Ethereum (ETH) stayed range-bound, while Bitcoin Cash (BCH) gained around 7%.
Canary Plans Mixed Token-and-NFT ETF With 80–95% Token Allocation
According to Canary Capital’s filing, the proposed Canary PENGU ETF plans to allocate 80–95% of its portfolio to PENGU tokens and 5–15% to Pudgy Penguins NFTs. If listed, it would be one of the few crypto ETF filings combining a meme token with its related NFT collection in a single product. Canary has also submitted filings for ETFs tied to XRP and Litecoin.
Bloomberg Intelligence analysts Eric Balchunas and James Seyffart recently raised their approval odds for multiple altcoin ETFs. Their latest update sets the probability for Solana (SOL), XRP, and Litecoin (LTC) spot ETFs at 95%, with decisions expected by October 2025. The same outlook assigns 50% odds to the Canary PENGU ETF, placing it in a second wave of altcoin ETF consideration.
According to Bloomberg, altcoins with higher market capitalizations and existing CFTC-regulated futures, like SOL and LTC, stand a stronger chance of early approval than smaller meme tokens or NFTs.
Despite PENGU’s sharp price move, overall NFT market activity stays subdued. Santiment data shows total NFT trades have dropped more than 95% since July 2023. Pudgy Penguins remains actively traded in secondary markets but has not escaped the broader decline in profile-picture NFT transactions.
PENGU Breaks $0.012 Resistance — Eyes $0.020 if Support Holds
Daily charts show PENGU breaking above recent resistance near $0.012 USDT. At the press time, PENGU traded near $0.0147 USDT, holding above its short-term EMA cluster. The 20-day, 50-day, 100-day, and 200-day exponential moving averages cluster tightly between $0.0110–$0.0117 USDT, now acting as support.
The token’s relative strength index (RSI, 14) stands at 69.69, which places it close to the overbought zone. Trading volumes have increased during the breakout, with daily turnover rising above 6.26 billion PENGU.
The blue trendline on the chart indicates a series of higher lows since March. Immediate support sits near $0.0110–$0.0120 USDT if price pulls back. The next visible resistance sits around $0.020 USDT, which marked the top in May. Above that, the chart shows a higher resistance area near $0.025–$0.027 USDT, tested during peaks earlier this year.
