• Pudgy Penguins is trading at $0.031566 after a 5.26% dip, with a $697M 24-hour volume and $1.98B market cap.
• Momentum slows as PENGU dips below $0.0311, hinting at a short-term detour in price.
• Volume rises 85.89% to $1.17B, but open interest falls 10.79%, indicating short-term speculation over long-term conviction.

Pudgy Penguins (PENGU) have registered a steep correction over the last 24 hours, generating both concern and hope within the crypto community. Currently, PENGU is trading at $0.031566, with a 24-hour trading volume of $697.30 million and a market capitalization of $1.98 billion. The token has dropped 5.26% over the past 24 hours.

Pudgy Penguins Falls Below $0.0311 Amid Weak Momentum

Market analyst Ant commented that PENGU has completed its entire trade range, falling somewhat below the $0.0311 level. He added that the chart structure currently resembled that of the token ‘Fartcoin,’ showing similarities in the relative strength index (RSI) and general price movements.

Nevertheless, Ant observed that PENGU’s market strength appears weaker than in previous trends, suggesting the token may be experiencing a temporary detour before its next clear direction emerges.

Pudgy Penguins Pullback Seen as Buying Opportunity

On the other hand, well-known crypto analyst Ali Martinez emphasized a more bullish outlook. In his opinion, the possible pullback toward $0.025 would be a healthy correction rather than a breakdown. Martinez noted that PENGU’s fundamentals remain sound, and many major driving factors support the project’s long-term prospects.

Such drivers include the ETF filing, generating buzz, and paving the way for PENGU’s greater recognition. Furthermore, the increasing presence of the project within Asia’s rapidly booming crypto market has presented novel liquidity and adoption prospects.

Beyond digital progress, the Pudgy Penguins brand has also found success through millions in toy sales, serving to bridge blockchain culture and mainstream markets across the globe.

Also Read | Pudgy Penguins Price Holds $0.037 Support as ETF Hopes Fuel Breakout

Pudgy Penguins Futures Activity Shows Mixed Signals

PENGU trading volume has registered a healthy increase, up 85.89% at $1.17B. Such an increase in volume indicates more players are entering the market, generating greater activity and more potential price swings. A higher volume usually indicates greater market interest, whether bullish or bearish.

Meanwhile, open interest fell 10.79% to $337.95M. This indicates that, although turnover has soared, many investors are closing their positions rather than maintaining them. A decline in open interest accompanied by increasing volume is usually indicative of short-term speculation rather than long-term conviction.

Considering the funding rate, the OI-Weighted value stands at -0.0166%. Since it is negative, it indicates that short investors are paying long investors to maintain open positions. It signals a slight bearish bias in the market.

Overall, PENGU experiences greater trading activity, but the decline in open interest and adverse funding rates suggests prudence. Trading is active, but sentiment leans toward temporary sell pressure rather than bullish conviction.

Also Read | Pudgy Penguins (PENGU) Price Holds $0.03 Support, Eyes Breakout Toward $0.043