YEREVAN (CoinChapter.com) —Canary Capital has filed for a PENGU ETF, which is able to maintain Pengu (PENGU), the governance token of the Pudgy Penguins NFT challenge, in keeping with a March 20 submitting with the U.S. Securities and Trade Fee (SEC). If permitted, it will be the primary U.S. ETF to incorporate non-fungible tokens (NFTs) alongside a spot cryptocurrency.
The submitting states that the ETF will maintain spot PENGU tokens and Pudgy Penguins NFTs. It should additionally embody Solana (SOL) and Ethereum (ETH) to facilitate transactions. The fund goals to supply publicity to NFTs and digital property via a regulated funding car.
PENGU/USDT: Bear Flag Breakdown Alerts Potential Decline
Minwhile, the PENGU/USDT chart reveals a bear flag sample, a formation that normally alerts additional decline. The price moved inside an upward-sloping channel after a pointy drop, which is typical for this setup. Nonetheless, it has now damaged beneath the decrease trendline, confirming a bearish continuation.
A noticeable improve in promoting quantity helps this breakdown, exhibiting that sellers are in management. The price at present hovers round $0.006304, with $0.006000 performing because the closest assist. If the bearish pattern continues, the following main assist degree stands at $0.004679, which aligns with the measured transfer from the flagpole’s top.
Resistance stays at $0.007500, the place the price struggled earlier than reversing. If consumers fail to regain momentum, the market might see additional draw back towards the projected goal. The sample stays legitimate until the price strikes again into the flag’s vary, which might recommend weakening bearish momentum. Merchants ought to watch quantity ranges and broader market developments to gauge whether or not this breakdown has extra room to increase.
Canary Capital Expands with A number of Crypto ETF Filings
The PENGU ETF is one among a number of crypto ETF functions from Canary Capital. On March 18, the agency filed for a Sui (SUI) ETF, which seeks to carry the Sui blockchain’s native token. Canary’s newest transfer follows a broader pattern of filings for crypto-focused ETFs, together with these for altcoins and memecoins.
The PENGU token, launched in December, has a market capitalization of roughly $438 million, in keeping with CoinGecko knowledge. The Pudgy Penguins NFT challenge has gained recognition within the NFT market, with its assortment persevering with to draw curiosity.
SEC Evaluations A number of Crypto ETF Proposals
The SEC has acknowledged a number of crypto ETF filings since January 20, following modifications within the U.S. administration. These functions embody Solana (SOL), XRP (XRP), Dogecoin (DOGE), and Official Trump (TRUMP).
Some trade analysts have questioned whether or not ETFs holding altcoins and NFTs will appeal to vital funding. Alex Krüger, a crypto researcher, commented on the Pengu ETF in a March 20 put up 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 Whereas Spot ETFs Await Approval
On March 20, Volatility Shares launched two Solana futures ETFs, the Volatility Shares Solana ETF (SOLZ) and the Volatility Shares 2X Solana ETF (SOLT). These funds observe Solana’s price actions utilizing monetary derivatives.
The SOLZ ETF follows Solana’s price one-to-one, whereas the SOLT ETF provides 2x leverage. Regardless of these developments, spot Solana ETFs stay beneath evaluation by the SEC.