Token

bullish

Pudgy Penguins

<ul> 
 <li aria-level="1">Whale sell-off reflects profit-taking post-airdrop; retail traders may drive rebound if support holds.</li> 
 <li aria-level="1">Pudgy Penguins’ active community, exchange liquidity may counter whale exits; next 48 hours critical for trend.</li> 
</ul> 
The <a href="https://www.tradingview.com/x/naDVpSbK/">PENGU token</a>, tied to the Pudgy Penguins NFT collection, has seen a sharp decrease in value after large investors sold holdings worth millions. On-chain data shows Sigil Fund, a major holder, moved 52 million PENGU tokens to exchanges, contributing to a nearly 50% price drop from recent peaks. The token now trades at levels last observed weeks ago, raising questions about its short-term stability. 
ETHNews <a href="https://www.ethnews.com/pudgy-penguins-pengu-gains-momentum-amid-rising-investor-interest/">technical analysts</a>, however, suggest the sell-off may not signal long-term decline. Charts indicate PENGU is forming a bullish triangle pattern, a setup often preceding upward price movements. Traders note the $0.010559 level as a key support zone. If buying pressure stabilizes the token above this threshold, projections based on historical patterns point to a potential climb toward $0.01596—a 42% increase from current prices. 
Traders analysts argue the whale activity reflects profit-taking rather than abandonment. PENGU recently gained attention after its Binance listing and a token airdrop, events that typically prompt early investors to secure gains. Crypto analyst @ChartPengu described the situation as a “reset,” noting that retail traders could now drive demand if confidence in the token’s utility persists. 
The token’s connection to Pudgy Penguins, a well-known NFT brand with a dedicated following, may cushion further declines. Community engagement remains active, and exchange listings continue to <a href="https://www.ethnews.com/pengu-etf-first-institutional-bet-on-a-memecoin-triggers-surge-in-volume-and-aggressive-accumulation/">provide liquidity</a>. 
<figure id="attachment_206199" aria-describedby="caption-attachment-206199" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-206199" src="https://www.ethnews.com/wp-content/uploads/2025/05/PENGUUSDT_2025-05-07_08-13-17.png" alt="PENGUUSDT_2025-05-07_08-13-17" width="1825" height="819">
 <figcaption id="caption-attachment-206199" class="wp-caption-text">
 Source: PENGU/Tradingview
 </figcaption>
</figure> 
Still, the immediate outlook hinges on whether smaller buyers step in to absorb selling pressure near the $0.010559 floor. Rules-based traders are monitoring volume shifts closely, as a breakdown below support could invalidate bullish assumptions. 
While whale exits often unsettle markets, PENGU’s <a href="https://www.ethnews.com/pengu-price-momentum-will-the-0-35-support-level-hold-or-fold/">technical posture</a> and underlying brand strength offer a counter-narrative. The next 48 hours will test whether the token’s design—a blend of meme culture and speculative appeal—can withstand concentrated selling and reignite upward momentum. 
The post <a href="https://www.ethnews.com/pengu-token-faces-whale-sell-off-but-hints-at-possible-recovery/">PENGU Token Faces Whale Sell-Off but Hints at Possible Recovery</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.

PENGU Token Faces Whale Sell-Off but Hints at Possible Recovery

ETHNews

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