1. Recently, Pengu has skyrocketed, increasing eightfold in just a few months. Various projects have changed their avatars to little penguins, freely advertising for Pengu. Why has Pengu risen so sharply, and can it still be bought? My answer is not to buy in.
2. The reasons for Pengu's sharp rise are multifaceted. First, Pengu is a veteran NFT project in the Ethereum ecosystem, rich in senior resources, and last year during the airdrop, I received thousands of dollars worth of Pengu. So, the project team is very generous. Secondly, in the past six months, Pengu has been promoting related ETF applications, indicating that the project team has big ambitions and will increase its exposure. Additionally, Pengu is not entirely a worthless coin; it still has web2 income from selling IP. At the end of last year, I also mentioned that Pengu is worth paying attention to, and I didn't expect it to increase eightfold directly from the bottom.
3. The reason not to buy in is that Pengu's contract OI is already at a high level. Typically, when the contract OI is high, it often indicates that the coin is at a short-term peak. Moreover, Pengu's trading volume on Upbit has recently ranked among the top, and small altcoins that rank high in trading volume on Upbit usually indicate that the coin is at a short-term peak. Of course, I'm not saying that Pengu will drop tomorrow, but I am saying that the risk of getting involved with Pengu right now is higher than the potential reward.
