Pudgy Penguins (PENGU) price has been trapped in a spiral of bearish sentiment in the recent past.
The Cboe BZX exchange has filed Form 19b-4 with the United States Securities and Exchange Commission (SEC) seeking to list and trade shares of the Canary PENGU ETF. The filing of Form 19b-4 follows the filing of Form S-1 by Canary Capital to offer a spot ETF for the Solana (SOL) memecoin dubbed Pudgy Penguins (PENGU) in mid-March 2025.
As previously reported, the Canary PENGU ETF aims to hold between 80 and 95 percent of its assets in $PENGU memecoin and between 5 and 15 percent in the Pudgy Penguins NFTs. The Canary Pengu ETF also intends to hold other crypto assets led by Solana to facilitate seamless transactions.
Market Impact on Pengu Price Action
The filing of Form 19b-4 is a major milestone for the PENGU ETF journey, especially amid the notable engagement between the U.S. SEC and the fund managers seeking to offer spot Solana ETFs. According to Eric Balchunas, an ETF analyst, the odds of the Canary PENGU ETF getting a node from the agency remain high.
Furthermore, the agency has been working to provide clear crypto guidelines, which align with President Donald Trump’s directive on the United States leading in digital assets adoption. As a result of the positive news, PENGU price gained 2 percent on Wednesday to trade at about $0.009732.
The mid-cap memecoin, with a fully diluted valuation of about $745 million and a 24-hour average trading volume of around $124 million, remains one of the most sought after Solana-based Memecoins. Moreover, PENGU memecoin has a deep on-chain liquidity and is available for trading on top-tier cryptocurrency exchanges (CEX).
Read more on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide
