Why Is PENGU Price Down 10% Despite ETF Filing

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When Penguins Fly: The Curious Case of PENGU‘s Price Plunge! 🐧💸

Ah, the fickle winds of fortune! Just hours after the esteemed asset manager, Canary Capital, dared to dream and filed for a Pengu ETF on that fateful Thursday, the PENGU price took a nosedive, plummeting a staggering 10% to the depths of $0.0062, from the dizzying heights of $0.0075. A classic tale of pump and dump, wouldn’t you say? It seems the market, in its infinite wisdom, decided to share a bearish perspective on the ETF news, as if it were a hot gossip at a village well.

Yet, in a twist of irony, PENGU’s trading activity surged like a caffeinated squirrel, with daily volumes soaring by 45% to over $135 million, all amidst a tempest of price volatility. Who knew that chaos could be so lucrative? 😂

The Grand Adventure of Pudgy Penguins (PENGU) ETF Development

On that momentous day, March 20, the brave souls at Canary Capital submitted their ambitious filing for an exchange-traded fund (ETF) that would track the price of PudgyPenguin’s native crypto token, PENGU, alongside the whimsical non-fungible tokens frolicking on the Pudgy Penguins blockchain. A first of its kind, this crypto ETF also dared to dip its toes into the NFT waters. How avant-garde!

The filing boldly declared that the trust would hold spot PENGU, accompanied by the delightful Pudgy Penguins NFTs, with other digital assets like Solana (SOL) and Ethereum (ETH) included “as necessary or incidental.” Because who doesn’t love a little extra baggage on their financial journey?

This grand strategy aims to streamline operational processes for Canary, allowing for the efficient purchase, sale, and transfer of assets within the trust. Efficiency, my friends, is the name of the game!

Pudgy Penguins, a name that rings with the echoes of popularity, boasts one of the most beloved NFT collections in the market. Yet, despite this fame, the market seems to have turned a blind eye to the news, as the PENGU price found itself under a relentless wave of selling pressure. Oh, the irony! 🥴

Why Did PENGU Price Drop? The Mystery Unfolds!

The launch of the PENGU ETF ignited a flicker of reaction in PENGU’s price, though it was a mere whisper compared to the roars of other ETF events. Analysts, those wise sages of the financial realm, attribute this muted response to the novelty and perceived risks associated with NFTs and meme coins like our dear PENGU.

Critics, ever the naysayers, argue that genuine retail demand for PENGU or Pudgy Penguins NFTs is as rare as a unicorn sighting, raising questions about the ETF’s utility and market relevance. This skepticism has only added fuel to the fire of selling pressure on PENGU’s price. How delightful! 🙄

And let us not forget, this is not the first time a meme coin ETF filing has graced our presence. The likes of Grayscale and Bitwise have previously attempted to ride the Dogecoin wave. Ah, the nostalgia!

Since its inception, PENGU has found a home on platforms like Robinhood. Yet, like a ship lost at sea, its price has struggled to find its bearings, currently down over 90% from its all-time high in December. A tragic tale, indeed!

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2025-03-21 19:59