PENGU Smashes $2B Market Cap — Open Interest Hits All-Time High
After rising 130% in seven days, Pudgy Penguins stabilizes on Wednesday.
Derivatives statistics reveal PENGU's Open Interest touched a record, indicating investor interest.
After rising 121% in the last week, Pudgy Penguins (PENGU) meme currency is stabilizing at $0.032 on Wednesday. This price increase lifted the penguin-themed joke coin's market value past $2 billion, surpassing Official Trump (TRUMP) and SPX6900. The futures data also reveal that PENGU Open Interest (OI) has hit an all-time high, showing investor interest in the meme currency, which might boost it.
In the last week, Pudgy Penguins' Non-Fungible Token (NFT) project on Ethereum and Solana-based token PENGU rose over 121%. In the previous 24 hours, CoinGecko statistics shows the penguin-based memecoin up over 9%. This price increase lifted the penguin-themed joke coin's market value past $2 billion, surpassing Official Trump (TRUMP) and SPX6900.
However, its on-chain data suggests PENGU's future is bright. Coinglass data showed that exchanges' PENGU futures OI climbed from $280.94 million on Sunday to $463.63 million on Wednesday, a new launch high. An higher OI indicates fresh money entering the market and purchasing, which might accelerate the Pudgy Penguins price increase.
On Sunday, Pudgy Penguins crossed the 50% Fibonacci level at $0.025 (January high of $0.046 to April low of $0.003). On Tuesday, it closed above $0.030, the 61.8% Fibonacci retracement, continuing its surge. As of Wednesday, it stabilizes at $0.032.
The 61.8% Fibonacci level at $0.030 might support a recovery to PENGU's January 6 high at $0.469.
The daily RSI indicator is 87, above its overbought threshold of 70, suggesting strong bullish momentum. The meme coin's overbought status makes a downturn likely, so traders should be careful.
PENGU may prolong its slide to the 50% Fibonacci retracement at $0.025, if it corrects and closes below the 61.8% Fibonacci threshold at $0.030 daily.
