PENGU, the utility token of Pudgy Penguins NFT, caught the attention of crypto investors as its price doubled since last week, currently trading at $0.031. While the rally aligns with broader market momentum, Pengu has showcased a classic memecoin trait of offering outsized short-term returns. Notably, on-chain data highlights a strong accumulation trend from Korean investors, reinforcing the current recovery for a higher push.
Korean Whale Accumulation Adds Fuel to PENGU Price Rally
Over the past week, the bingo price shows a high momentum rally from $0.014 to a recent high of $0.035, accounting for a 143% gain. This bullish recovery likely followed broader market momentum, fueled by growing investor optimism for U.S. Crypto Week, during which the House of Representatives voted on three key crypto bills.
Along with general market sentiment, the on-chain data highlight aggressive accumulation of this memecoin from Korean investors. According to the blockchain tracker Lookonchain, three wallets from Korean exchanges, Bithumb and Upbit, accumulated 945 million PENGU( worth approximately 32 million) in the past week.
Currently, these three wallets hold 2.92 billion PENGU (worth around 96.73 million), accounting for 3.8% of the total supply.
Such heavy accumulation often indicates whale-level confidence in an asset’s potential growth and also reduces the available token supply in the market.
Key Support To Watch If Pudgy Penguins Enters Correction
The daily chart analysis of PENGU price shows the completion of a traditional reversal pattern called Cup and Handle. Typically, the chart pattern offers a multi-fold target of the distance between the pattern’s bottom support to the neckline, which are stacked one after another.
However, with an intraday loss of 3.4%, the memecoin shows a sharp rejection from the $0.035 mark to currently trade at $0.0312. The reversal hints at profit booking from short-term investors, as the momentum indicator RSI also bounced to the overbought region above at 83%.
Thus, the coin price is likely to witness a short-term correction to nearby support, such as $0.0273 or $0.025, to recuperate the exhausted bullish momentum.
With the broader trend bullish, the anticipated reversal could offer a buy-the-dip opportunity for sideline buyers.
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