According to technical analysis, if PENGU maintains above the $0.015 level, it could rise to $0.04. However, some analysts expect a short-term correction down to $0.0175. Still, the overall market sentiment remains positive. 

Game Launches and Telegram Support Boost Token Demand 

One of the most notable factors behind PENGU’s rally is the Pudgy Penguins ecosystem’s entrance into the gaming space. The project attracted a broad audience with its mobile game Pudgy Party. Thanks to the reward mechanism, users increase token demand while playing. 

Mini-games accessible through Telegram have also expanded the ecosystem’s reach. 

More importantly, the newly launched game Pengu Clash, built on TON (The Open Network) blockchain, gained traction. Unlike the traditional play-to-earn model, this game operates on a play-to-win system. Pudgy Penguins CEO Luca Netz describes it as a skill-based competitive arena for users. 

Telegram peaked in mini-games in 2024, and TON still hosts over 2.1 million active wallets. Netz notes that Telegram’s unique and broad user base offers scalability potential, especially as the project expands into markets like Northern Europe. 

Institutional Moves and ETF Filing Fuel the Momentum 

The Pudgy Penguins team is also making headlines with its institutional initiatives. A collaboration with a major racing organization introduced the PENGU mascot to millions. A frequent flyer loyalty program with an airline now allows token holders to earn miles — supporting long-term adoption. 

Additionally, the team appeared at a NASDAQ event in late June. Their discussions on U.S. crypto regulation helped build institutional confidence. One major development is that Canary Capital filed a spot ETF for PENGU. The decision is expected in early 2026. According to documents submitted to the U.S. SEC on March 20, if approved, this would be the first ETF involving NFTs in the U.S. 

Social Media Power and On-Chain Data Back the Rally 

On July 13, Justin Sun tweeted “everyone has become a penguin,” triggering an 11% price jump. Soon after, Coinbase and Binance US updated their X profile images to Pudgy Penguins NFTs. These social media moves had an instant impact on price. 

Everyone will Huddle https://t.co/zIao9ulvcN

— Pudgy Penguins (@pudgypenguins) July 13, 2025

On-chain data shows whale wallets have increased their PENGU holdings by 11% over the last 30 days. There’s also a significant rise in token volume among the top 100 wallets. Meanwhile, open interest has hit a 3-month high. This all points to growing investor interest and strong momentum. 

In conclusion, PENGU has caught a strong bullish trend driven by game integrations, ETF expectations, institutional partnerships, and social media influence. It’s now seen not just as a meme coin but as a Web3-compatible, multifunctional digital asset. 

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If approved, this would be the first U.S. ETF to directly hold NFTs, setting a precedent in the market. According to the filing, the fund will also hold digital assets such as SOL and ETH, which are necessary for purchasing, selling, and transferring the fund’s PENGU tokens and Pudgy Penguins NFTs.

Launched in December, PENGU currently has a market cap of approximately $438 million as of March 20, according to CoinGecko. Pudgy Penguins is widely regarded as one of the most popular NFT brands in the space.

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Just two days earlier, on March 18, Canary also filed for the first Sui (SUI) ETF in the U.S., focusing on the native token of the Sui Layer-1 blockchain.

Policy Shifts and Market Reactions

Under President Donald Trump’s second term, the U.S. government has reversed its stance on digital assets, aiming to make America “the world’s crypto capital.” During President Joe Biden’s administration, regulators had initiated more than 100 enforcement actions against crypto firms.

Despite these developments, some analysts remain skeptical about the adoption of ETFs focused on NFTs and memecoins. Crypto researcher Alex Krüger commented on X (formerly Twitter), “Pengu ETF announced. Price barely goes up. New ETFs for crypto assets have become an irrelevant joke.”

On March 20, asset manager Volatility Shares launched two new Solana futures ETFs: SOLZ and SOLT, which offer 1x and 2x leveraged exposure to SOL price movements. Spot Solana ETFs are still awaiting regulatory approval.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Canary Capital Applied for PENGU ETF! appeared first on Coin Engineer.