After surging to an all‐time high, Nietzschean Penguin [PENGUIN] was rejected at $0.16 and fell to $0.06. Buyers then stepped in, defending the $0.10 support and driving a recovery.
At the time of writing, PENGUIN traded at $0.12, up 39.64% on the day. Its market cap rose 35% to $119 million, signaling steady capital inflows.
PENGUIN buyers defend key levels
After a few days of market weakness, the PENGUIN narrative returned, once more a trendy topic. Binance.US ignited the topic, as the exchange shared a penguin short clip, captioned,
‘We found out where the penguin was headed!”
While Binance has yet to list the memecoin, this move incentivised buyers to return, reigniting interest in it.
With newfound interest, massive capital flowed into the memecoin. As such, the accumulation volume jumped to 18 million then dropped to 2 million at press time.
At the same time, the memecoin’s Buyer vs Seller Strength showed buyer dominance, with their index rising to 91. A rising accumulation volume and buyer strength suggested a higher demand for the memecoin.
In fact, the memecoin noted a positive Buy Sell Delta over the past 24 hours, a significant reversal from the previous day.
According to Coinalyze, PENGUIN recorded 3.1 million in Buy Volume on Poloniex, compared to 2.8 million in Sell Volume.
As a result, the memecoin saw a positive market delta of 300k, a clear sign of aggressive spot accumulation. Often, higher buying pressure accelerates upward momentum, driving prices higher.
Whales continue to pile up
PENGUIN whales pumped the memecoin to an ATH days ago, then began realizing profits, causing a slip.
After holding below $0.01, the group increased its accumulation rate significantly. In fact, the Whale Buy Indicator on TradingView showed renewed whale buying, with Buy Volume rising by 20 million as of writing.
This suggested that whales returned to the market and began accumulating, although at levels significantly below the 38 million peak.
Coupled with that, Nansen data showed that Top Addresses added 37.78 million tokens in 24 hours, and offloaded 19 million.
With the top holders’ balance at 18 million, it suggests that whales remain bullish and continue to hold on, anticipating further gains.
Can the momentum hold?
PENGUIN rebounded from its recent decline, recovering most losses as buyers re‐entered the market. The latest rally was fueled by Binance.US, which incentivized participation and drew in strong demand.
With capital flowing in from both retail and whale investors, PENGUIN appears well‐positioned for further gains. If accumulation continues, the memecoin could reclaim $0.16 and aim for a new high.
Conversely, if sellers take profits, the price may slip again toward the $0.07 support.
Final Thoughts
- Nietzschean Penguin [PENGUIN] defended $0.1 support, and climbed 39.64% to a local high of $0.12.
- PENGUIN saw renewed demand from retail and whale investors following Binance US endorsement.
