Pudgy Penguins (Penguin) gets vapor just -just. At one point, it is one of the best performing altcoins in the market. But soon, the steam disappeared and became one of the worst performers in 24 hours. So what's going on with Pengu's price, and the target of $ 0.10 is still playing?
Crypto expert Gerhard, with more than 136,000 subscribers on YouTube, looked at what was behind the price action and why it couldn't be organic.
Penguin price strong rally followed by rapid pulling
Last week, Penguin flying high, second-best on the top 100 cryptos. But within a day, it was turned up. This type of dramatic swing is not always about foundations or long -term value. According to Gerhard, it often dropped into leveraged trading.
He explained that these sharp motions are usually driven by entrepreneurs who put large bets on the futures market. The price can pump quickly when there is a long -term position, but it can crash quickly once the momentum or negative funding rates fade.
Interesting is that even at a 230% rally, the number of holders does not climb much. That suggests that the price jump is not matched with the actual interest of the retail; It's more of a trading game than a community -driven run.
Also Read: Dogecoin enters its most -Bullish phase – here's what it means for the price
Trading activity in centralized exchanges
Although Pengu has decent liquidity in the Solana chain, with millions of pool sizes, most action occurs in centralized exchanges such as Binance, OKX, and Mexc. There it was launched, and there it is that most of the volume is still alive.
Gerhard said Pengu had seen a massive $ 77 million in the 24 -hour trading volume of futures in Binance only. That is a lot of action, and not the kind of trade that reflects steady growth. These are short -term bets, inside and out, with a little long -term belief behind it.
Moreover, coin memes live and die by attention. That's the truth. PENGU has gained a lot of eyeballs recently, not because of the strong community hype, but due to the search for traffic and social media chatter.
Also Read: Coin Price Proper for Now (May 4)
But even with increasing attention, the number of purse holders has changed slightly. Wallets holding $ 1,000, $ 10,000, or even $ 100,000 worth of Penguin remained the same. That's a big red flag if you rely on strong, organic growth.
Gerhard also said the consumer's first-time activity sank on April 21, yet the price did not spike from there. It can be a sign of manipulation or just lack of fresh capital to push things higher.
Penguing On-chain tracking and insider activity
One of the more parts of the eye opening of the video is about monitoring the wallets. Gerhard and his team monitored around 600 influencer wallets. They use NFT activity, deposit addresses, and token patterns to find out who buys what's before it becomes a trending token.
He shared how the insider often got ahead of, talk to a social media project, then watch as their followers jump and drive the price. It is the same old pump-and-dump pattern, just dressed in a new outfit.
Gerhard ends the video by saying that there are two ways to approach this market: buy random tokens and hope or follow where the insider puts their money. Either way, for the price of Pengu, all eyes are now It can be handled or if it is another short -lived meme rally.
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