PENGU Price Drops 10% Following ETF Filing by Canary Capital
Canary Capital filed for a Pengu ETF, leading to a 10% drop in PENGU price to $0.0062 from $0.0075. This decline coincided with a bearish sentiment surrounding the ETF news.
PENGU's trading volume increased by 45% to over $135 million due to heightened volatility following the ETF filing.
Pudgy Penguins (PENGU) ETF Development
The ETF targets the price of PENGU and includes Pudgy Penguins NFTs, marking the first crypto ETF with NFT exposure. The trust will hold spot PENGU along with selected digital assets, including Solana and Ethereum, as needed for transactions.
This strategy aims to streamline operations for the fund.
Why Did PENGU Price Drop?
The ETF launch led to a muted market reaction compared to typical ETF events. Analysts attribute this to concerns over demand for PENGU and Pudgy Penguins NFTs, questioning the ETF's utility.
PENGU has struggled since its listing on platforms like Robinhood, currently down over 90% from its all-time high.