NEWSLETTER
Key notes
- Pengu saw greater volatility after the presentation of the ETF, with daily negotiation volumes that jumped 45% to more than $ 135 million.
- Analysts argue that the limited retail appetite for the Penguins Pesum and Pudgy nft led to the sale pressure.
- The 90% decrease in Token since its December maximum of December, has decreased optimism around the potential impact of ETF.
Hours after the asset manager, Canary Capital, requested an ETF of Pechem on Thursday, the PENGU price was reduced by 10%, to the levels of $ 0.0062, from the maximum of $ 0.0075. This bomb and landfill for Pengu occurred when several players shared a bearish version of the ETF news.
Pengu's commercial activity increased after the presentation of the ETF, with daily volumes rising 45% to more than $ 135 million in a greater volatility of prices.
ETF Development of Pudgy Penguins (Pengu)
On Thursday, March 20, Canary Capital presented its Presentation of a quoted background (ETF) That tracks the price of P This is the first presentation of ETF crypto that also has an nft exhibition.
The presentation specifies that the trust will maintain the pengua spot together with the nftal gum penguins, with other digital assets such as Solana (Sol) and ethereum (eth) included “as necessary or incidental” for transactions related to the main holdings of the background.
This approach aims to optimize the operational processes for Canary, which allows the purchase, sale and transfer of efficient assets within the trust.
It is known that Pudgy Penguins has organized one of the most popular nft collections on the market. However, it seems that the market has not positively absorbed the news, since the price of the Pong has been solid for sale of sale.
Why Pengua's price Penguu?
The launch of the ETF of Pengu caused a reaction in the PENGU price, although it was remarkably smaller on a scale compared to other ETF events. Analysts attribute this moderate response to the novelty and perceived the highest risks associated with nft coins and memes such as Pengu.
Critics argue that there is little genuine retail demand for penguins or gum penguins, which raises questions about the usefulness and relevance of the ETF market. This has resulted in a higher sale pressure on the PENGU price.
This is not the first time that an ETF presentation of meme currency occurs. Previously, the main asset administrators such as Grayscale and Bitwise have requested an ETF Dogecoin.
Since its launch, Pengu has been included in platforms such as Robinhood. However, its price has struggled to maintain the impulse, it currently decreased more than 90% from its historical maximum in December.
next
Discharge of responsibility: Coinspeaker undertakes to provide impartial and transparent reports. This article aims to offer precise and timely information, but should not be taken as financial or investment advice. Since market conditions can change quickly, we recommend that you verify the information on your own and consult a professional before making any decision based on this content.
Bhushan is a Fintech enthusiast and has a good style to understand financial markets. His interest in the economy and finance attracts their attention to the new emerging blockchain technology and cryptocurrency markets. It is continuously in a learning process and remains motivated by sharing your acquired knowledge. In free time, read suspense fiction novels and sometimes explore their culinary skills.
<a target="_blank" href="https://twitter.com/bhushanakolkar?lang=en” rel=”nofollow noreferrer noopener” target=”_blank”>Bhushan Akolkar in x
<script async src="//platform.twitter.com/widgets.js” charset=”utf-8″>
