Should we short PENGU's current price?
First of all, the market capitalization of this coin has reached 2.115 billion USD, driven by numerous exchanges' promotional actions, attracting a lot of retail investors. There are also market rumors that PENGU may become the first NFT-type spot ETF target, driving traders to flock in (which has also become the key to this hype).
As a popular MEME coin on the SOL chain, it currently far exceeds the development of similar NFT projects.
From a four-hour perspective, it is now in a controlled state. The strong background of the market makers means that a large number of short-sellers can only say it's a thankless task, but caution is also needed regarding short-term profit-taking to avoid being shaken out.
Personally, I indicated on the night of the 13th that PENGU is the most attractive altcoin at the moment, having approached nearly 400% until now. At this stage, I am waiting for a pullback to re-enter the market. I will announce the entry point in the designated group.
