- PENGU has declined 17% over the past week despite gaining 133% in the last 30 days.
- An insider-linked wallet transferred 485M PENGU worth $17.67M to Binance in July.
- Trading volume remains strong, but technical indicators suggest waning bullish momentum.
The PENGU token dropped 6.5% in the last 24 hours, falling to $0.03533. This marks a 17% decline from its recent peak of $0.0447 on July 27. Despite recording a 133% gain over the past 30 days, the token remains 48% below its all-time high of $0.06845, set in December 2024.
On-chain data shared by the analyst known as Ai revealed that a wallet labeled 8hQvQ…zund8, which is tied to the PENGU deployment address, moved 150 million tokens worth about $5.64 million to Binance on July 30. This activity added to a total of 485 million tokens, approximately $17.67 million, transferred by the same address since early July.
Massive Exchange Transfers Between July 12 and July 28
Records show over 2 billion PENGU tokens were shifted from the deployment wallet to centralized exchanges between July 12 and July 28. On July 28 alone, $8.91 million worth of tokens were transferred. While some speculate these may relate to liquidity provisions or partnerships, the volume and timing have raised doubts.
Despite the declining price and large token movements, trading volume has increased. PENGU’s 24-hour spot volume rose 34% to reach $943.1 million. Derivatives volume also climbed 27% to $2.76 billion. However, open interest declined by 1.76%, signaling a potential reduction in short-term positions.
Technical Indicators Show Mixed Momentum
Technically, the token is hovering near its 20-day simple moving average at $0.0352. It has recently pulled back from its upper Bollinger Band and is nearing the lower band support at $0.0245. The RSI has dropped to 57.6 after hitting overbought levels above 73 earlier in the week.
The Stochastic RSI is at a lower range, and the MACD has also crossed below the signal line. These pointers imply a decline in the bullish power. The 50-day EMA is currently at 0.0257, and the 200-day EMA is located at 0.0182, which indicates that the longer-term trend may not yet be changed unless the recent declines are not followed.
Should PENGU not manage to stay above the price of $0.035, it is possible that it could move down to the price of $0.030. To improve the prevailing sentiment once again, over the short term, a move above the $0.038 level would be required.
