PENGU holders hit 868K as supply shrinks – Is this a sign of caution?
Can PENGU’s growing holder base and supply burns outweigh its latest price dip?
Key Takeaways
How strong is PENGU’s community growth?
Pudgy Penguins reached 868,000 holders, with Abstract chain traders hitting 340,233, highlighting rapid adoption.
What signals back bullish PENGU’s momentum?
Over 357 million PENGU burned, 13.69% supply cut, with RSI steady at 51.48.
Pudgy Penguins [PENGU] marked another milestone in its push for price appreciation, with one of the fastest-growing memecoin communities.
The day, however, has been challenging for PENGU in terms of price fluctuations despite the 32% gains last week. PENGU could be facing a short-term correction, as it is down 6% in 24 hours.
However, this could change soon. The number of holders and token burns have been in an upward spiral, hinting at a potential continuation of bullish momentum.
PENGU on-chain metrics surge
Total PENGU holders surged to 868,000, indicating a growing community. On the abstract chain, holders stood at 236,113 while traders hit 340,233, per Dune Analytics data.
Additionally, over 357 million PENGU, representing about 13.69% of the total supply, were burned, per Whale Insider on X (formerly Twitter).
The Circulating Supply stood at 62.86 billion PENGU from a maximum supply of 88.889 billion. The Fully Diluted Value was at $2.967 billion, while the market cap was at $2.096 billion when writing.
The Total Transfers were 618,107, contributing about $657 million in volume.
About 41% of the transfers were made by retailers with orders ranging between $10 and $100. However, the volume was only $9.45 million.
By contrast, whales and sharks executed fewer transfers but generated $461 million in volume. Moreover, swaps totaled around 400,000, adding $139.5 million in activity.
While on-chain metrics showed strength, the price action of the day was declining but above a breakout zone. Can these help sustain this structure shift?
Will the breakout be sustained?
The daily price chart showed a clear shift in bias after surging above a descending trendline on the 8th of September. The SuperTrend indicator confirmed the flip three days later.
Price formed a double bottom at $0.028, with the second touch lasting 13 days. When writing, trading volume was $368.5 million, 15% lower than the previous day.
PENGU stabilized at $0.033, with the RSI at 51.48, suggesting the bounce zone may hold.
A hold above the $0.033 level could see the memecoin revisit $0.040 as the next problematic area.
However, if the memecoin drops to $0.030, a breakdown there could shift the structure and weaken the bullish case.
