Pudgy Penguins faced sustained downside pressure after the price rejected near $0.03 almost two months earlier.
Since then, PENGU traded inside a descending channel and remained below the 20, 50, 100, and 200 EMA levels. At press time, PENGU traded near $0.0092, holding below a key technical zone for a third consecutive day.
That extended breakdown appeared to create discounted entry levels, drawing attention from large holders.
Pudgy Penguins whales step in at lows
Pudgy Penguins [PENGU] endured heavy selling pressure as market participants, including whales, defended higher levels throughout the decline.
Spot Average Order Size data from CryptoQuant showed whale-sized orders dominated activity during the downtrend.
However, those large orders were primarily on the sell side for most of the past month. That pattern shifted after PENGU slipped below the $0.01 level.
According to Onchain Lens, a whale withdrew 272,201,182 PENGU, worth about $2.52 million, from Binance.
Over the past two weeks, the same address accumulated roughly 273.08 million PENGU, valued near $2.55 million.
On top of that, Nansen data showed top holders controlled roughly 66% of PENGU’s supply.
During the same period, their aggregate balances increased by 5.52%, despite continued price weakness. That behavior suggested strategic accumulation rather than momentum-driven buying.
Selling pressure still dominates
While whales shifted to buying, other market participants have remained stubborn on the sell side. In fact, Sell Volume surged to 681.35 million, indicating intense selling pressure and underscoring insufficient whale accumulation.
As a result, the Directional Movement Index’s positive index dropped further to 14.16, suggesting a strong downward trend.
When this momentum indicator makes such a reaction, it shows that sellers have defended the technical zone with strength.
Usually, such market reactions could result in lower prices if whale purchases fail to boost prices above $0.01. Thus, the continuation towards the downside looks like the most probable scenario.
However, if the market perceives whale accumulations positively, PENGU could close above EMA20 at $0.0104, effectively staying above the danger zone. Such a boost could lift the memecoin towards $0.013, setting the grounds for a stronger upswing.
However, if the attempted uplift from whales fails, PENGU could drop further to $0.0084.
Final Thoughts
- Whale accumulation hinted at growing interest near local lows, but broader market pressure continued to dictate price direction.
- For now, PENGU’s next move may depend on whether sustained demand can outweigh persistent sell-side momentum.
