Korea pumps PENGU’s price amid $66 mln insider exit: What now?
Is Korea’s retail demand strong enough to outweigh insider sell pressure?
Key Takeaways
Pudgy Penguins dropped from $0.45 to $0.42 after insider wallets moved $66.6 million worth of PENGU to exchanges. Can demand overpower insiders?
After attempting a breakout, Pudgy Penguins [PENGU] faced a strong rejection at $0.45, leading to a retrace. As of this writing, Pudgy Penguins was trading at $0.42, marking a 0.42% increase over the past 24 hours.
Before this, the memecoin had been on an upward trajectory, hiking on weekly and monthly charts by 8% and 260%, respectively. But why did PENGU’s momentum fade?
Deployers dumped $66M
Just as PENGU gained traction, the deployer wallet sent 206.9 million tokens to exchanges, worth nearly $9 million in one day.
According to EmberCN, the same address transferred 2.09 billion tokens—roughly $66.6 million—over the past two weeks.
These weren’t liquidity provisions. Rather, the timing and scale suggest aggressive insider profit-taking during the pump.
Naturally, this raised concerns. In most cases, such moves foreshadow corrections, and PENGU was no exception.
Korea goes bullish
Surprisingly, while token deployers are selling, Upbit recorded one of the highest demands for the memecoin.
According to Lookochain, PENGU’s Trading Volume on Upbit skyrocketed, even surpassing established memecoins like Dogecoin [DOGE].
PENGU’s 24-hour volume on Upbit crossed 137.4 million, outpacing Dogecoin’s 117.9 million on the same day.
That’s remarkable, considering PENGU’s market cap is still under a third of DOGE’s. The sudden spike points to heavy Korean demand.
Netflow drops sharply, but that’s bullish
As a result of increased accumulation, Pudgy Penguins’ Spot Netflow declined significantly, hitting a low of -$4.75 million as of this writing.
Typically, when Netflow declines into negative territory, it signals higher withdrawals than deposits. Historically, this has preceded higher prices as demand pushes the upward pressure on prices.
Significantly, it suggests that the demand can absorb selling pressure arising from token deployers.
PENGU technicals say THIS!
According to AMBCrypto’s analysis, Pudgy Penguins retraced as sellers entered the market, causing significant downward pressure.
After facing rejection, PENGU’s Relative Strength Index slid to 72.35—still overbought, but signaling reduced buying power.
Meanwhile, the Average Directional Index hit 63.12, suggesting that trend strength remains—but it’s now skewing bearish.
If sellers dominate, PENGU may fall to $0.37 support. However, if demand persists and absorbs the sell-side pressure, the memecoin could retest $0.45 and potentially aim for $0.50.
