PENGU Price Drops 6% Today After Hit New ATH

The PENGU token, tied to the Pudgy Penguins brand, has seen a slight pullback today, dropping 6% after reaching its recent all-time high. 

Despite this short-term correction, market structure remains bullish, and rising activity in meme coin markets, particularly animal-themed tokens, continues to support the possibility of further upside. 

For traders and investors alike, this could simply be a moment of consolidation before another move.

Price Action and Technical Overview

After reaching a high of $0.043, PENGU has pulled back to around $0.038, marking a 6% drop in the past 24 hours. 

While that might alarm short-term holders, the broader daily chart structure remains intact. This resistance at $0.043 has been tested multiple times over the past week, suggesting strong interest but also a need for more momentum to break through it decisively.

PENGU is still up 5% over the past week, which places it above key support levels. The $0.038 zone now serves as a short-term base, and if the token maintains this area, traders may view it as a healthy correction within an overall upward trend. 

The MACD indicator has begun to flatten, suggesting fading momentum, but not a reversal yet. Traders are likely watching for a renewed surge in volume to reignite a bullish run.

Upbit trading data shows PENGU recently overtook DOGE in volume, particularly among Korean traders, where meme coins are a popular speculative target. 

This uptick in volume, despite today's drop, suggests strong interest is still present. For now, buyers appear to be waiting for either a clearer breakout or a retest of support before re-entering in larger numbers.

Read also: PENGU Price Surge: Why Pudgy Penguins Are Soaring

Whale Activity, Market Trends, and Airdrop Impact

PENGU’s latest run has been shaped by multiple fundamental and on-chain factors. One of the biggest catalysts remains the $1.5 billion airdrop distributed to the community earlier this year. 

While the token saw a brutal 90% decline after the airdrop, long-term holders and new entrants have since rebuilt momentum, pushing the token to new highs.

Much of the buying activity appears to be led by large wallets, suggesting that whales are driving the recovery phase. 

This concentration of volume, particularly on Upbit, indicates that the token is still being accumulated and traded in significant amounts. Whale moves often precede wider market reactions, so their continued presence is worth noting.

More broadly, the meme coin market is seeing a resurgence. Coins like PEPE and SHIB have also shown signs of life in recent weeks, and community-based tokens are once again drawing attention from retail traders and influencers. 

This aligns well with the PENGU narrative, especially as the project is tied to a well-knownNFT brand in Pudgy Penguins.

Despite the recent dip, sentiment around PENGU remains cautiously optimistic. There is no evidence of mass sell-offs or panic dumping. Instead, volume distribution appears stable, with dips being met by new buy orders. 

If social media trends continue to favour animal-themed meme coins, PENGU could remain in the spotlight for longer than typical meme token cycles.

Read also: What Is PENGU Crypto? Inside the Pudgy Penguins

Potential Scenarios: What Comes Next for PENGU?

Looking ahead, the next few days will be important for gauging whether today’s pullback is a short breather or the beginning of a deeper retracement. If the $0.038 level holds and we see renewed interest in meme tokens, PENGU could retest the $0.043 resistance once again. 

A successful breakout might then open the door to a push toward $0.047 or higher, depending on the volume surge and wider market conditions.

On the other hand, if volume dries up or broader market sentiment weakens, PENGU might revisit lower support zones around $0.035 or even $0.032. These would likely be watched closely by longer-term buyers seeking entry points. 

For now, the current price zone sits at the midpoint between its recent high and the previous low, suggesting consolidation rather than a confirmed downtrend.

It is also worth considering the broader theme. Meme coins, especially those with animal branding, are gaining momentum again. Traders are showing renewed interest in tokens with strong communities, humour, and visual branding. 

Pudgy Penguins fits this profile, and the ecosystem continues to gain visibility through both token activity and NFT engagement. This cultural traction can be a key driver for tokens like PENGU that rely heavily on sentiment and community.

In that sense, today's 6% dip may simply be a cooldown phase before another leg up. With the right mix of social interest, whale participation, and retail trading support, PENGU could still reclaim its ATH and go beyond.

Read also: Why Analysts See a Pudgy Penguins Rally

Conclusion

PENGU’s 6% dip today follows a remarkable surge to new highs, and while momentum has slowed slightly, the chart still shows signs of underlying strength. With meme coin enthusiasm on the rise again, particularly among animal-themed tokens, PENGU may not be done yet. 

As long as short-term support holds and community interest stays active, the possibility of another breakout remains.

For those trading or holding meme tokens like PENGU, platforms such as Bitrue offer a safe and efficient way to manage your crypto portfolio. With solid trading tools and high liquidity for trending tokens, Bitrue makes navigating fast-moving markets more accessible and secure.

Read also: Bitrue Earn Monday is Live Now

FAQ

What is the current price of PENGU?

PENGU is currently trading around $0.038 after pulling back from a recent high of $0.043. This represents a 6% dip in the past 24 hours.

Why did PENGU drop today?

The price drop is likely a result of resistance at the $0.043 mark, where selling pressure has been strong. This is seen as a short-term correction within a larger bullish trend.

Is PENGU still bullish?

Yes, the daily chart remains bullish as long as the price stays above short-term support. The trend has not broken, and volume from large traders is still present.

What role did the airdrop play in PENGU’s price?

A $1.5 billion airdrop earlier in the year initially led to a 90% drop, but the same event helped distribute the token widely. Renewed activity from holders has since helped push it to a new ATH.

Could PENGU reach a new all-time high again?

If current support levels hold and meme coin momentum continues, PENGU has a chance to retest and possibly break above its recent ATH, especially if volume increases.

Investor Caution 

While the crypto hype has been exciting, remember that the crypto space can be volatile. Always conduct your research, assess your risk tolerance, and consider the long-term potential of any investment.

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