PENGU, a memecoin inspired by Pudgy Penguins, experienced a nearly 30% price surge following the U.S. SEC's acknowledgment of a spot ETF filing by Canary Capital, marking a significant milestone for meme coins.

This regulatory acknowledgment has sparked a surge in trading volume for Pudgy Penguins NFTs, which increased by 157% in the past 24 hours, reflecting heightened investor interest.

Revolut's listing of PENGU has expanded access for retail traders and boosted its credibility, aligning with the ETF news to fuel demand and market activity.

Technical analysis shows strong support for PENGU between $0.012 and $0.013, with potential to reach $0.01745 and possibly $0.044 if bullish momentum continues, though it needs to close above $0.0156 to confirm a new upward trend.

The Relative Strength Index (RSI) indicates bullish momentum, with PENGU currently in the bullish zone, and recent on-chain data reveals significant accumulation by whales, who bought over 200 million tokens worth approximately $2.4 million.

Analysts suggest that if the SEC approves the ETF, PENGU's price could soar to $0.060, with predictions for July ranging from $0.0185 to $0.0192, and potentially reaching new highs by August.

Following the ETF acknowledgment, PENGU's trading volume surged by 138% to over $486 million, and its market cap increased to $1.16 billion, reflecting strong market enthusiasm.

Market sentiment remains bullish, with some analysts suggesting a potential short squeeze could further drive prices upward, especially if the ETF approval acts as a catalyst.

Currently trading at $0.01956 with a 33% rise in 24 hours, PENGU has become a focal point of the memecoin resurgence, though it remains well below its all-time high of $0.06845 from December 2024.

The filing of the Canary PENGU ETF with the SEC has surprised the community and is seen as a potential catalyst for further price movements, possibly marking a regulatory turning point for meme coins.

In addition to market activity, the PENGU team plans to launch 'Pudgy Party,' a mobile game featuring NFT avatars and on-chain rewards, scheduled for release in August 2025, aiming to attract mainstream users.

Bitcoin is nearing $110,000, gaining nearly 3% in 24 hours, supported by high trading volumes and favorable market catalysts, while the overall crypto market cap stands at $3.31 trillion.