Solana-based meme tokens are rallying today, and Pudgy Penguins (PENGU) is leading the charge.
Fueled by the news of a PENGU ETF filing and analysts’ strong belief that a Solana (SOL) ETF will launch this year, the token jumped from $0.009709 to $0.01177 in just 24 hours. If approved, the PENGU ETF could boost PENGU’s long-term demand and liquidity and bring institutional investment into the Solana meme coin market.
Snorter (SNORT), an upcoming Solana meme token, looks ready to ride the wave of these bullish developments. At the core of the project is the Snorter Bot, a Telegram trading tool that helps SNORT holders find and invest in tokens like PENGU ahead of their spikes.
PENGU and SOL ETFs Could Bridge the Gap Between Wall Street and Meme Coins
Pudgy Penguins quickly transitioned from a standout NFT project on Ethereum to a Solana meme coin sensation after PENGU launched as the project’s native utility token. The move to Solana allowed it to benefit from the blockchain’s low-cost, blazing-fast speeds, making it an attractive buy for meme coin traders.
Although PENGU’s initial momentum helped it reach $0.04291 in the first week of January, its price faced a steep downward trajectory that brought it below the $0.01 mark in late June.
However, the news of a PENGU ETF 19b-4 form filing by Canary Capital via the Cboe BZX exchange on June 25th resulted in a trend shift for the token over the past few days. The announcement triggered a breakout that pushed PENGU above its 50-day Simple Moving Average (SMA) of $0.011332, signaling renewed bullish sentiment among investors.
The ETF filing unsurprisingly boosted the excitement around PENGU and the Solana meme coin market. The Canary PENGU ETF is designed to consist of 80-95% in PENGU, 5-15% in Pudgy Penguins NFTs, and include other Solana assets that enable smooth transactions.
This signals that Wall Street’s interest in integrating these assets into mainstream portfolios is growing.
The shift in interest is only bolstered by the increasingly optimistic outlook of a Solana ETF surfacing this year. The race to launch a Solana ETF is heating up, with nine major companies like VanEck, Fidelity, and Invesco filing to offer spot ETFs that would directly hold SOL.
Raising Solana ETF’s approval odds for this year to 95%, Bloomberg’s senior analysts Eric Balchunas and James Seyffart are confident the SEC will greenlight these applications.
Although the SOL ETFs wouldn’t directly hold meme coins, they would provide a regulated, mainstream access to institutions interested in investing in SOL.
With billions rerouted into the ecosystem, the boost in visibility it receives could result in tokens like PENGU exploding in value and incentivize new launches.
This makes Snorter a standout choice for investors looking to capitalize on Solana’s potential surge in popularity. Its Snorter Bot aims to level the playing field by making it easy to spot and purchase potentially explosive tokens on Solana.
Snorter Bursts Past $1.3M Raised Amid Improving Market Conditions
Snorter’s upcoming Telegram trading bot and token are already attracting significant attention, with the presale moving beyond $1.3 million raised in just a month.
Designed to simplify Telegram-based trading, the project’s Snorter Bot will offer sub-second transaction speeds and a suite of automated trading features. The speed and automation will make it easy for its users to snipe coin launches as soon as liquidity appears, set limit orders, or even copy the activities of top-performing wallets.
The bot will also include MEV-resistant swaps to prevent frontrunning attacks and launch with built-in protection from smart contract-related threats like honeypots or mint functions.
To get the most out of Snorter Bot, however, users will need to hold SNORT, the project’s native token. Holding SNORT, which is currently priced at $0.0965 each, will reduce the trade fees to just 0.85% and allow users to snipe newly-released tokens with no limits.
As Solana heats up, tools like Snorter Bot could become invaluable for those looking to capture the gains of tokens with PENGU-like potential. Analysts from Cryptonews believe Snorter’s utility could see SNORT explode soon after launch, predicting 100-200x gains.
