The PENGU meme coin experienced a dramatic 101% surge over the past week, reaching $0.031. This significant price increase was primarily fueled by speculation surrounding regulatory filings for a potential Canary PENGU exchange-traded fund (ETF) and intense social media buzz.
Analysts expressed skepticism about the rally’s longevity, questioning PENGU’s fundamentals and dependence on trending hype over intrinsic value, despite acknowledging strong community engagement. Doubts also emerged regarding both the practicality of a PENGU ETF and its likelihood of gaining approval before October.
The backdrop for PENGU’s surge included Bitcoin’s continued price volatility and notable institutional activity, with $2.7 billion flowing into Bitcoin spot ETFs recently. Market sentiment received an additional boost from positive NFT trends, including profile picture updates by major platforms like OpenSea and Coinbase featuring the PENGU character.