This week brought a mix of celebrations and surprises in the crypto world, from Solana's fifth anniversary to an unexpected ETF filing for Pudgy Penguins. Here's a breakdown of the most notable events:
Solana Turns Five Amid Market Slowdown
March 16, 2025, marked Solana's fifth birthday, with co-founder Anatoly Yakovenko commemorating the occasion on Twitter:
"Happy solana 0 block day to all those who celebrate!"
— toly 🇺🇸 (@aeyakovenko)
However, the celebrations were tinged with concern as Solana faces a significant market downturn:
- Revenue Decline: Chain revenue dropped over 90% from January highs, averaging just $4 million weekly recently.
- Price Drop: SOL trades at ~$127, down 50% from its January peak of $261.
- Network Activity: Address counts have decreased since November 2024 highs.
Despite the slump, long-term holders may see this as a buying opportunity.
Pudgy Penguins ETF Filing Stuns Crypto Community
In a surprising move, Canary Capital filed with the SEC for an ETF tracking $PENGU, the Pudgy Penguins ecosystem token. Key details:
- First NFT-Inclusive ETF: Will hold Pudgy Penguins NFTs alongside cryptocurrencies like Solana and Ethereum.
Community Reaction: Enthusiastic support from holders, with tweets like:
"$PENGU & Pudgy Penguin NFT ETF. First of its kind. History."
Market Context:
- Pudgy Penguins NFT floor price peaked at 34 ETH ($104,600) in December 2024 but now sits at 9.74 ETH.
- $PENGU is down 85% from January highs but remains up 30% year-to-date.
👉 Explore more about NFT-backed ETFs
Industry Highlights
Regulatory and Market Developments
- Kraken’s $1.5B NinjaTrader Acquisition: Aims to expand US crypto futures offerings.
- SEC Drops Ripple Case: Ends a 4-year legal battle, signaling potential regulatory shifts.
- Trump’s Pro-Crypto Remarks: Pledged US dominance in crypto during a virtual DAS 2025 appearance.
Market Performance
- Bitcoin (BTC): +1.55% weekly.
- Ethereum (ETH): +4.67% weekly.
- Crypto Fear & Greed Index: Rises slightly to 34 ("Fear").
Top Stories Recap
1. Canary Capital’s Pudgy Penguins ETF Filing
A groundbreaking proposal blending NFTs and crypto in an ETF.
2. Solana’s Birthday Blues
Five years of growth amid a challenging market.
3. Kraken’s NinjaTrader Acquisition
A $1.5B deal to boost derivatives trading.
👉 Stay updated on crypto futures
FAQs
Q: Why is Solana’s revenue declining?
A: Reduced memecoin activity and lower transaction volumes post-January hype.
Q: What makes the Pudgy Penguins ETF unique?
A: It’s the first ETF to include NFTs alongside cryptocurrencies.
Q: How does Kraken’s acquisition impact users?
A: US customers gain access to regulated crypto futures trading.
Final Notes
This week underscored crypto’s unpredictability, from Solana’s subdued birthday to innovative financial products like the Pudgy Penguins ETF. As markets evolve, regulatory clarity and institutional adoption remain key themes.
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