On the 7th of June, Pudgy Penguins [PENGU] gained 16% in 24 hours as the broader crypto market rebounded.
Memecoins rose 5.82% during the same period, nearly recovering the previous day’s losses.
However, trading activity remained weaker. Memecoin volume fell 40%, while PENGU’s volume dropped 30%.
Even so, liquidity remained healthy. The volume-to-market-cap ratio stood at 25.64%.
Who is buying PENGU right now?
PENGU ranked among the day’s strongest performers as the crypto market added 1.25% to its total capitalization.
On-chain data suggested large investors led the buying activity.
Exchange Balances declined by more than 40 million PENGU tokens. That represented a 7.53% drop, leaving exchange reserves at 18.33 billion tokens.
Such withdrawals typically indicate holders prefer keeping assets off exchanges, often reflecting bullish expectations.
That left one question: who was behind the accumulation?
Whale holdings jumped 18.28% to 656.82 million PENGU. The increase coincided with the price rising from $0.00624 to $0.00676.
Public figures tracked by Nansen also increased their holdings by 9.3%, reaching 138.73 million tokens.
On top of that, Smart Money holdings rose to 201.63 million tokens. The top 100 addresses also expanded their positions.
Retail participation increased as well. Total Holders climbed from 849.68K to 849.88K, according to CoinMarketCap.
Taken together, the data pointed to broad-based accumulation. However, the overall market structure had yet to fully turn bullish.
Can PENGU’s rebound continue?
On the chart, PENGU rebounded after fully retracing its April rally, which lifted the token from $0.006034 to $0.011880. The memecoin reclaimed the 90% Fibonacci Retracement level as support.
The RSI climbed above the neutral 50 level and hovered near 55. That suggested buying momentum was improving.
Even so, the indicator alone did not confirm a return to April’s peak near $0.011880. For a stronger short-term trend reversal, PENGU would need to reclaim the Supertrend indicator. That level sat around $0.0071 to $0.0073 at press time.
Until then, sellers retained a degree of control.
Bullish reversal patterns around current levels could support a stronger recovery. Otherwise, the latest 16% move may prove to be a temporary bounce within the broader downtrend.
Final Summary
- Pudgy Penguins gained 16% as whales, Smart Money, and retail investors increased accumulation.
- Exchange balances fell by over 40 million PENGU, pointing to reduced sell-side pressure.
