US SEC Delays Canary PENGU ETF Approval Till March

The US SEC has extended the approval time for the Canary PENGU ETF. The next SEC deadline is March 11.

The U.S. Securities and Exchange Commission (SEC) is delaying the Canary Pudgy Penguins (PENGU) ETF once more. Canary Capital's PENGU ETF is special since it seeks to expose investors to Pudgy Penguin non-fungible tokens (NFTs) and the Solana meme coin PENGU.

US SEC Postpones Canary PENGU ETF Decision

The US SEC created a lengthier timeframe to decide whether to approve or disapprove the Canary PENGU ETF, according to a notice dated January 7.

“In order to give itself enough time to consider the proposed rule change, the commission determines that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change,” the SEC declared.

This is the second time that the review period for a proposed rule change has been extended. In September, the commission also started the process of deciding whether to accept or reject the Canary PENGU ETF.

The fund intends to own some real Pudgy Penguins non-fungible tokens (NFTs) in addition to PENGU tokens. The SEC has extended the deadline for decisions by an additional sixty days, with the next date being March 11.

The Cboe BZX Exchange will list and trade the Canary PENGU ETF if it is approved. Importantly, the extension does not reveal the SEC's position on the proposal.

Will the Price of Pudgy Penguins Continue to Rise?

The price of PENGU dropped 6% over the last day, and it is now trading at $0.0119. $0.0117 is the 24-hour low, and $0.0127 is the 24-hour high. Additionally, throughout the past day, trade volume has dropped by almost 36%. Pudgy Penguins continued to be popular despite advertising activations and social media interaction, as previously noted.

As of this writing, the price is trading above the 50-SMA on the daily timeframe but below the 100- and 200-SMAs. The Relative Strength Index (RSI) decreased from 71 to 57 over the course of 48 hours, indicating that traders were booking profits.

According to CoinGlass data, there has been buying in the futures market during the past few hours. Over the past day, the total open interest in PENGU futures fell 2% to $112.32 million.

Binance's and OKX's 4-hour PENGU futures OI increased by over 0.65% and 3.35%, respectively. But on Bybit, it fell 0.20%. As US macroeconomic data is released, market players are keeping a close eye on price movement.