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PENGU’s 50% Price Rally – How Whale Buys, ETF Updates Are Fueling Recovery
Pudgy Penguins [PENGU] has been experiencing an extraordinary run over the past five days. At the time of writing, the native token has surged by a staggering 48.6% from its low on June 25th, reaching $0.0139. This massive price rally is primarily attributed to whale accumulation and recent ETF updates.
It’s no surprise that PENGU traders have been capitalizing on these explosive gains. The filing of the Canary PENGU ETF has instilled a sense of optimism in the market. Positive exchange netflows, negative weighted sentiment, and negative funding rates signaled bearish expectations from traders, but it appears that this negativity only served to fuel the rally.
Interestingly, CryptoSlam data reveals that the past seven days have seen a significant increase in NFT sales, with a volume of $1.498 million recorded – a 47% weekly growth. Transactions also rose by 41%, resulting in a total of 65 deals. This surge in activity has led many to speculate on PENGU’s future trajectory.
Furthermore, whale buys have been fueling the rally. In the past 24 hours alone, a whopping 200 million PENGU tokens worth $2.4 million were purchased by whales. These large transactions have created a buying frenzy among traders and investors alike.
An examination of the price action reveals that this move higher has left behind a fair value gap (FVG), which could serve as a demand zone for swing traders seeking to initiate long positions. In light of these developments, it is crucial to assess the token’s future prospects.
In conclusion, PENGU’s 50% price rally can be attributed to whale buys and ETF updates.
Source: ambcrypto.com
