PENGU Drops 16% in a Week As ETF Filing Fuels Accumulation Phase: Is a Breakout Next?

PENGU dropped over 16% in seven days, trading mostly below $0.0325 despite intraday rebounds.

Cboe BZX Exchange filed for the Canary PENGU ETF, combining memecoins and Pudgy Penguins NFTs.

Price action shows accumulation near $0.026, with support at $0.022 and resistance at $0.042.

PENGU, the native token to Pudgy Penguins, has been playing within the bearish trend as current market data confirms over 16% dip in seven days. However, market analysts have observed a different price structure that hints on a possible rebound as accumulation and ETF fillings renews a new momentum.

PENGU Current Market Action Revealed

After opening its market with a price value of $0.321, the cryptocurrency has recorded a changing price trend as it tries to reclaim its daily high of $0.3377 in the 24 hour timeframe. As of press, Pudgy Penguins trades at $0.03251, marking a 3.44% decline over the last 24 hours. The steepest decline occurred before midnight, pushing the value close to $0.0310

Source: CoinMarketCap

Following this drop, the Pudgy Penguin price saw slight rebounds but remained below $0.0325 for most sessions. Trading volume reached $396.48 million, down 43.82% from the previous day. Market capitalization stood at $2.04 billion, with circulating supply at 62.86 billion Pudgy Penguins. Price movements showed volatility, with intraday recovery attempts failing to surpass earlier highs, keeping the asset in a lower trading range.

Canary PENGU ETF Filing Proposes First Fund to Combine Memecoins and NFTs

Despite the ongoing bearish trend, market analysts have hinted on a price reversal. During the month of June, Cboe BZX Exchange submitted a Form 19b-4 to the U.S. Securities and Exchange Commission requesting approval for the Canary PENGU ETF. Confirmed by Eric Balchunas, the proposed product would be the first exchange-traded fund to combine PENGU memecoin holdings with Pudgy Penguins NFTs.

This structure introduces a hybrid exposure model, merging digital tokens and NFT assets within a single regulated investment vehicle. The filing positions the fund to cater specifically to the growing market around the Pudgy Penguins ecosystem, marking a departure from traditional cryptocurrency ETFs that primarily focus on assets such as Bitcoin or Ethereum.

Price Enters Accumulation Phase With Potential Breakout Ahead

According to Ali Charts, the ETF filling has activated accumulation mode; a consolidation phase can be seen, similar to the accumulation seen between April and July. Current price action is moving sideways within a defined support zone around $0.026

Source: X

The outlined projection shows potential continuation of range-bound trading before a breakout attempt. Support levels are marked near $0.022 and $0.019, while resistance remains near $0.042. The pattern reflects the previous market structure, where accumulation preceded a sharp upward move. Price remains within key horizontal zones, indicating stability before potential upward expansion toward higher resistance levels in the coming sessions.