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The approval of Canary Capital Company’s application for the offering of Paggy Penguins ETF (PENGU) has been postponed for the second time by the US Securities and Exchange Commission (SEC).
According to reports, the fund plans to provide investors with access to the Pengo market and its non-fungible tokens (NFTs), but according to an official announcement from the SEC, more time is needed to review the proposal and the deadline for a decision has been extended to March 11, 2026.
After the release of this news, the price of PENGU fell by about 6% on the day and is now trading in the range of $0.0119. The daily trading volume of this memecoin has also dropped by more than 36%.
While the Pengo price is above the 50-day moving average, it is still below the 100- and 200-day averages, and the relative strength index (RSI) has decreased from 71 to 57, which is a sign of profit taking by traders.
In the derivatives market, traders’ behavior has been different; In Binance and OKX exchanges, the volume of purchases has increased, but in Baybit, the volume of transactions has decreased slightly.
Investors are now monitoring PENGU’s next trend in light of US economic data to identify buying and selling opportunities.
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