YEREVAN (CoinChapter.com)
—Canary Capital has filed for a PENGU ETF, which will hold Pengu (PENGU), the governance token of the Pudgy Penguins NFT project, according to a March 20 filing with the U.S. Securities and Exchange Commission (SEC). If approved, it would be the first U.S. ETF to include non-fungible tokens (NFTs) alongside a spot cryptocurrency.
The filing states that the ETF will hold spot PENGU tokens and Pudgy Penguins NFTs. It will also include Solana (SOL) and Ethereum (ETH) to facilitate transactions. The fund aims to provide exposure to NFTs and digital assets through a regulated investment vehicle.
PENGU/USDT: Bear Flag Breakdown Signals Potential Decline
Meanwhile, the PENGU/USDT chart shows a bear flag pattern, a formation that usually signals further decline. The price moved within an upward-sloping channel after a sharp drop, which is typical for this setup. However, it has now broken below the lower trendline, confirming a bearish continuation.
A noticeable increase in selling volume supports this breakdown, showing that sellers are in control. The price currently hovers around $0.006304, with $0.006000 acting as the closest support. If the bearish trend continues, the next major support level stands at $0.004679, which aligns with the measured move from the flagpole’s height.
Resistance remains at $0.007500, where the price struggled before reversing. If buyers fail to regain momentum, the market could see further downside toward the projected target. The pattern remains valid unless the price moves back into the flag’s range, which would suggest weakening bearish momentum. Traders should watch volume levels and broader market trends to gauge whether this breakdown has more room to extend.
Canary Capital Expands with Multiple Crypto ETF Filings
The PENGU ETF is one of several crypto ETF applications from Canary Capital. On March 18, the firm filed for a Sui (SUI) ETF, which seeks to hold the Sui blockchain’s native token. Canary’s latest move follows a broader trend of filings for crypto-focused ETFs, including those for altcoins and memecoins.
The PENGU token, launched in December, has a market capitalization of approximately $438 million, according to CoinGecko data. The Pudgy Penguins NFT project has gained recognition in the NFT market, with its collection continuing to attract interest.
SEC Reviews Multiple Crypto ETF Proposals
The SEC has acknowledged several crypto ETF filings since January 20, following changes in the U.S. administration. These applications include Solana (SOL), XRP (XRP), Dogecoin (DOGE), and Official Trump (TRUMP).
Some industry analysts have questioned whether ETFs holding altcoins and NFTs will attract significant investment. Alex Krüger, a crypto researcher, commented on the Pengu ETF in a March 20 post on X:
“Pengu ETF announced. Price barely goes up. New ETFs for crypto assets have become an irrelevant joke. Most crypto ETFs will fail to attract AUM and cost issuers money.”
Solana Futures ETFs Launched While Spot ETFs Await Approval
On March 20, Volatility Shares introduced two Solana futures ETFs, the Volatility Shares Solana ETF (SOLZ) and the Volatility Shares 2X Solana ETF (SOLT). These funds track Solana’s price movements using financial derivatives.
The SOLZ ETF follows Solana’s price one-to-one, while the SOLT ETF offers 2x leverage. Despite these developments, spot Solana ETFs remain under review by the SEC.