Pudgy Penguins joins US government virtual asset policy advisory group...Growing anticipation for ETF approval

The non-fungible token (NFT) project 'Pudgy Penguins' has officially joined the US government's virtual asset (cryptocurrency) policy advisory group.

Pudgy Penguins stated, "Over the past three months, we have visited Washington DC six times to hold discussions with the (Donald Trump) administration," adding, "We will now serve as an official government advisor participating in the legislative design of virtual assets." This announcement was made on the 5th (local time).

As this news broke, expectations for the approval of a spot exchange-traded fund (ETF) for Pudgy Penguins have also grown. Previously, Canary Capital applied to the US Securities and Exchange Commission (SEC) for a 'Pudgy Penguins Spot ETF' that simultaneously includes Pudgy Penguins NFTs and the token 'PENGU'. The SEC recently officially accepted the application and has begun its review process.

PENGU is the official utility token within the Pudgy Penguins ecosystem and is used for games, merchandise, and NFT purchases. Its market capitalization is approximately $2.1 billion, ranking fourth among meme coins. It is listed on over 130 exchanges worldwide, including Coinbase, Robinhood, and Upbit, and Pudgy Penguins has secured access to over 500 million global users through these listings.

Pudgy Penguins is considered a rare example among NFT projects for its successful expansion into physical, offline IP. The physical plush toy 'Pudgy Toy', which utilizes the intellectual property (IP) of 'Pudgy Penguins', is being sold at major US retailers such as Walmart and Target. This strategy of linking online NFTs with offline products not only increases mainstream awareness of Web3 IP, but also generates new revenue streams through toy and merchandise sales.

Boosted by this series of favorable developments, the PENGU price has shown a sharp uptrend. On June 28, PENGU was priced at $0.008449, and during the past two months, it surged by about 400%, recording an intraday high of $0.043 on the 21st of last month. As of the 5th, it is trading in the $0.033 range.