Key Points to Note
How strong is PENGU’s community growth?
Pudgy Penguins has reached a milestone of 868,000 holders, while Abstract chain traders have reached 340,233, indicating rapid adoption.
What are the bullish signals for PENGU’s momentum?
With over 357 million PENGU burned and a 13.69% supply cut, along with a steady RSI at 51.48, there are positive indicators for PENGU’s momentum.
Pudgy Penguins [PENGU] has achieved significant growth in its community, establishing itself as one of the fastest-growing memecoin communities.
Despite a 32% increase in the previous week, PENGU has faced price fluctuations today, experiencing a 6% decline in the last 24 hours.
However, the increasing number of holders and token burns suggest a potential continuation of bullish momentum in the near future.
PENGU’s On-Chain Metrics Surge
The total number of PENGU holders has risen to 868,000, reflecting a growing community. On the Abstract chain, there are 236,113 holders and 340,233 traders, according to data from Dune Analytics.
Furthermore, over 357 million PENGU tokens, equivalent to 13.69% of the total supply, have been burned, as reported by Whale Insider on X (formerly Twitter).
The Circulating Supply of PENGU is currently at 62.86 billion out of a maximum supply of 88.889 billion. The Fully Diluted Value is $2.967 billion, with a market cap of $2.096 billion at the time of writing.
Total Transfers amount to 618,107, contributing approximately $657 million in volume.
Source: Solscan
About 41% of transfers were conducted by retailers with orders ranging from $10 to $100, amounting to $9.45 million in volume. In contrast, whales and sharks made fewer transfers but generated $461 million in volume. Swaps totaled around 400,000, contributing $139.5 million in activity.
While on-chain metrics show strength, the price action of the day has been declining but remains above a breakout zone. Can these metrics help sustain this shift in structure?
Is the Breakout Sustainable?
The daily price chart indicates a clear shift in bias after breaking above a descending trendline on September 8th. The SuperTrend indicator confirmed this trend three days later.
Price formed a double bottom at $0.028, with the second touch lasting 13 days. Current trading volume is $368.5 million, 15% lower than the previous day.
PENGU is currently stable at $0.033, with the RSI at 51.48, suggesting that the bounce zone may hold.
Source: TradingView
Maintaining levels above $0.033 could lead to a revisit of $0.040 as the next significant area of interest. However, a drop to $0.030 could indicate a structural shift and weaken the bullish case.