Canary PENGU ETF Approval Delayed by US SEC

Canary Pudgy Penguins (PENGU) ETF faces another delay by the U.S. Securities and Exchange Commission (SEC). PENGU ETF by Canary Capital is unique as it aims to provide investors with exposure to the Solana meme coin PENGU and Pudgy Penguin non-fungible tokens (NFTs).

US SEC Delays Decision on Canary PENGU ETF

According to a notice dated January 7, the US SEC designed a longer period to determine whether to approve or disapprove the Canary PENGU ETF.

“The commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change,” as per the SEC statement.

This marks the second extension of the review period for a proposed rule change. Also, the commission instituted proceedings in September to determine whether to approve or disapprove the Canary PENGU ETF.

Canary PENGU ETF. Source: US SEC

The fund aims to hold PENGU tokens along with a portion of actual Pudgy Penguins non-fungible tokens (NFTs). The SEC has extended the decision deadline by another 60 days, making March 11 the next deadline.

If approved, the Canary PENGU ETF will list and trade on the Cboe BZX Exchange. It is important to note that the extension does not indicate the SEC’s stance on the proposal.

Pudgy Penguins Price to See Another Uptrend?

PENGU price fell 6% in the past 24 hours, with the price currently trading at $0.0119. The 24-hour low and high are $0.0117 and $0.0127, respectively. Furthermore, trading volume has decreased by more than 36% in the last 24 hours. As CoinGape reported earlier, Pudgy Penguins remained in trend amid brand activations and social engagement.

In the daily timeframe, the price is trading above the 50-SMA, but below 100-SMA and 200-SMA at the time of writing. Relative Strength Index (RSI) pulled back to 57 from 71 in the 48 hours, signaling profit booking by traders.

CoinGlass data showed buying in the derivatives market in the last few hours. The total PENGU futures open interest dropped 2% to $112.32 million in the last 24 hours.

The 4-hour PENGU futures OI on Binance and OKX climbed more than 0.65% and 3.35%, respectively. However, it tanked 0.20% on Bybit. Market participants are closely watching price action amid US macroeconomic data releases.

Source: https://coingape.com/canary-pengu-etf-approval-delayed-by-us-sec/