PENGU Token Drops 16% Amidst ETF Filing and Accumulation Phase

The PENGU token experienced a notable drop of over 16% in the past week, trading largely below $0.0325 despite intraday rebounds. This decline is attributed to a combination of factors, including the recent filing for a Canary PENGU ETF. The filing by Cboe BZX Exchange proposes the first fund to combine PENGU memecoin holdings with Pudgy Penguins NFTs. The market anticipates both accumulation and potential breakout signals based on the price action.