As the crypto world reels from the dizzying twists of volatility, an intriguing turn of events has surfaced with the filing for a Pengu ETF by asset manager Canary Capital. Just hours after this announcement, the price of PENGU plunged 10%, causing investors to question whether this token can regain its footing. While daily trading volume surged by 45%, hitting over $135 million, the reality of a staggering 90% decline from its December peak looms large. Are retail investors losing their appetite for not just PENGU, but also its Pudgy Penguins NFT counterparts? As optimism wanes and bearish sentiments spread, let’s dive deeper into this wild ride that has left many feeling like they’re in the midst of a high-stakes game of crypto musical chairs. LEARN MORE
Key Notes
- PENGU saw heightened volatility after the ETF filing, with daily trading volumes jumping 45% to over $135 million.
- Analysts argue that the limited retail appetite for PENGU and Pudgy Penguins NFTs led to selling pressure.
- The token’s 90% decline from its December all-time high, has dampened optimism around the ETF’s potential impact
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Hours after asset manager Canary Capital filed for a Pengu ETF on Thursday, the PENGU price came crashing down 10%, all the way to $0.0062 levels, from the highs of $0.0075. This pump and dump for PENGU happened as several players shared a bearish take on the ETF news.
PENGU’s trading activity spiked after the ETF filing, with daily volumes climbing 45% to more than $135 million amid major price volatility.
Pudgy Penguins (PENGU) ETF Development
On Thursday, March 20, Canary Capital submitted its filing for an exchange-traded fund (ETF) that tracks the price of PudgyPenguin’s native crypto token PENGU, along with the non-fungible tokens running on the Pudgy Penguins blockchain platform. This is the first crypto ETF filing that also has an NFT exposure.
