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PENGU rose 16% in 24 hours, while the exchange balance decreased significantly.
AMBCrypto
06-07 22:39
Ai Focus
PENGU rebounded by 16%, with changes in on-chain holdings and exchange balances indicating a return of buying interest.
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Pudgy Penguins' token PENGU rose 16% on June 7, following the overall recovery in the crypto market. During the same period, the meme coin sector also rose 5.82%, nearly recovering the previous day's losses. However, trading activity remained weak, with total meme coin trading volume down 40% and PENGU trading volume also declining by 30%.

Funds flow back to on-chain holdings

On-chain data indicates that the buying pressure primarily came from large holders. Exchange balances decreased by over 40 million PENGU, a drop of approximately 7.53%, leaving 18.33 billion PENGU in remaining exchange reserves. Typically, this type of outflow signifies that holders are transferring tokens out of trading platforms, easing selling pressure.

Large investors and smart money increased their holdings simultaneously.

Whale holdings increased by 18.28% to 656.82 million coins. Publicly known holders tracked by Nansen also saw their holdings increase by 9.3% to 138.73 million coins. Smart Money holdings rose to 201.63 million coins, with the top 100 addresses continuing to increase their holdings. CoinMarketCap data shows that the total number of holding addresses increased from 849,680 to 849,880.

Short-term rebound still needs confirmation

From a technical perspective, PENGU has recovered from the retracement range of the April rally and has regained its position above the 90% Fibonacci retracement level. The RSI has risen above 50, approaching 55, indicating improved buying momentum. The market will now need to observe whether the price can regain the Supertrend level around $0.0071 to $0.0073.

In summary, PENGU's recent rise was accompanied by a decrease in exchange balances and increased holdings by various types of funds, but trading volume has not yet increased significantly, and the sustainability of the rebound remains to be seen.

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