The Solana-based meme coin PENGU jumped 12% in 24 hours, hitting $0.02227 after Coinbase changed its X profile picture to a Pudgy Penguins NFT. The move fueled speculation of a potential partnership, boosting investor hype.
Why Is PENGU Pumping?
- Coinbase’s Pudgy Penguins PFP shift triggered bullish sentiment.
- SEC filing for a PENGU ETF (similar to Dogecoin) added momentum.
- Trading volume surged past $1.2B, with derivatives activity skyrocketing.
At its peak, PENGU hit $0.02368, up 20% from its daily low of $0.01838. The meme coin’s market cap also climbed 20%, reaching $1.4 billion.
SEC ETF Filing Fuels Institutional Interest
The SEC recently acknowledged a filing by Canary Capital for a PENGU ETF, proposing 80-95% exposure to the meme coin and Pudgy Penguins NFTs. If approved, this would make PENGU only the second meme coin (after Dogecoin) with an ETF in the U.S.
An ETF could attract institutional investors, driving more capital into PENGU’s ecosystem and pushing prices even higher.
Derivatives Market Heats Up
- Trading volume surged 10%, hitting $2.7 billion.
- Open interest jumped 25%, reaching $311 million.
- Long/short ratio (1.025) shows more traders are betting on further gains.
Most trading activity happens on Binance, where open interest stands at $73.72 million.
What’s Next for PENGU?
With Coinbase’s NFT move, SEC ETF buzz, and rising derivatives demand, PENGU could see more upside. If Bitcoin’s rally continues, meme coins like PENGU may keep benefiting from the hype.
