Pudgy Penguins (PENGU) surged 31% today, now trading near $0.0192. This move adds to its recent momentum, bringing its total growth to over 68% in the last month.
Open interest for PENGU has also increased significantly, surpassing $176 million. Rising open interest along with price is often interpreted as new positions being opened with bullish expectations.
ETF Filing Sparks Market Reaction
The rally follows news that the US Securities and Exchange Commission (SEC) has acknowledged the filing for the Canary Spot PENGU ETF. This proposed ETF will allocate around 80-95% of its holdings to PENGU tokens and 5-15% to Pudgy Penguins NFTs. The SEC is now inviting public comments on the filing, with approval still pending.
If approved, the ETF would allow broader investor access to PENGU without needing to directly buy and hold the token, something that analysts consider supportive for potential market growth.
Read also: Crypto Prices Rebound After ETF Approvals Boost Market Confidence
Korean Market Volumes Boost Activity
A large portion of trading volume is coming from Korea. Data shows that Korean won pairs account for over 32% of daily PENGU trading activity. On Upbit and Bithumb, it remains among the most active tokens.
Since June, KRW volumes for PENGU have expanded by more than fifty times, reflecting increased demand within Korean markets.
Outlook Remains Tied to ETF Progress
At the time of writing, PENGU remains one of the top daily gainers in the market, supported by renewed optimism around its unique ETF filing combining both token and NFT holdings.
Investors will likely continue to focus on ETF developments as a key driver for PENGU’s near-term price. While technical indicators suggest potential for further gains, the final impact will depend on regulatory decisions and continued investor interest.
