Meme coin PENGU price jumped 24% in the past 24 hours to a six-month high after US SEC acknowledged an ETF proposal from Canary Capital.
By Bhushan Akolkar
Editor Hamza Tariq
Updated
2 mins read
Meme coin PENGU PENGU $0.0191 24h volatility: 30.7% Market cap: $1.20 B Vol. 24h: $898.96 M , the native cryptocurrency of Pudgy Penguins, has registered a strong 24% upside in the last 24 hours, hitting a six-month high, after the U.S. Securities and Exchange Commission (SEC) recently acknowledged the filing for Spot PENGU ETF, from Canary Capital.
Market analysts are hopeful that this rally can continue further from here.
Today’s 24% upside in the PENGU price comes along with a massive 500% gain in the PENGU daily trading volume, shooting to $864 million, hinting at strong bullish sentiment among traders.
With today’s price surge, the meme coin’s market cap has also soared past $1.23 billion.
According to Coinglass data, PENGU open interest has jumped by a massive 51%, moving all the way to $276 million. The 24-hour short liquidations have also surged to more than $3.18 million. This puts PENGU among the best Solana meme coins currently in the market.
Other technical indicators point to rising buying interest in PENGU. Its funding rate has turned positive for the first time since early July, suggesting a shift toward long positions.
PENGU Funding Rate – Source: Coinglass
Amid the renewed momentum, whale activity in PENGU has intensified. Data from Nansen shows that wallet addresses holding over $1 million in PENGU have increased their balances by 1% over the past 24 hours.
Popular crypto analyst Ali Martinez noted that the PENGU price is forming a textbook bullish chart pattern, while predicting 200% gains to $0.60, by the next month of August.
He noted that if the Pudgy Penguin ETF receives SEC approval, the upside potential could be significant.
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
The PENGU price rally comes after the U.S. Securities and Exchange Commission (SEC) officially acknowledged Canary Capital’s application for a PENGU exchange-traded fund (ETF).
Canary Capital initially submitted the S-1 filing for the ETF in March, followed by a 19b-4 filing from Cboe BZX on June 25.
The proposal has since undergone two amendments, with the latest update filed on July 8. The SEC has now opened the proposal for public comment, with submissions due within 21 days of its publication in the Federal Register.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
