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Pudgy Penguins (PENGU) Price Eyes $0.05 After Bullish Breakout and Rising Market Interest
In a stunning turn of events, the market has seen Pudgy Penguins (PENGU) make an impressive 2.28% surge in just 24 hours, defying the larger crypto market slowdown. This unprecedented growth has sparked speculation that the token’s price may be eyeing the $0.05 mark.
The sudden rally follows a significant whale inflow of $5 million, which has propelled the cryptocurrency above the crucial $0.034 resistance level. Notably, this move is not supported by an increase in trading volume, with a 28.55% drop to $1.58 billion. Instead, it appears that institutional investors are driving the price upward.
While some analysts were skeptical about PENGU’s prospects just days ago, the current market activity suggests otherwise. Crypto whale inflows of such magnitude are typically a sign of increased conviction from deep-pocketed investors, indicating a long-term bullish outlook for the token.
In the derivatives market, interest in PENGU has picked up pace, with open interest climbing modestly by 0.95% to $441.66 million. Notably, the open interest-weighted funding rate remains unchanged at 0.0056%, suggesting an evenly matched sentiment between bullish and bearish players.
Despite a slight correction in volume, the token’s price has remained resilient, indicating that this upswing may be sustained by ongoing market engagement. As such, predictions are emerging for potential further gains to $0.10 or even higher, fueled by speculation surrounding ETF approval and institutional demand.
For the time being, PENGU appears to be bucking the larger crypto slowdown, forging a unique path that has captured the attention of investors and whales alike. As the market continues to evolve, one thing is clear: Pudgy Penguins (PENGU) has become an entity to watch in the altcoin space.
Disclaimer: This article is for informational purposes only and does not constitute investment advice.
Source: www.tronweekly.com
