Pudgy Penguins Soar 142% – Can the PENGU Rocket Keep Flying?

NFT darling Pudgy Penguins just mooned past its previous ATH—because nothing says ’sound investment’ like cartoon birds in sweaters. The PENGU token’s 142% monthly surge has degens cheering, but here’s what could tank the party.

Volume spikes and influencer hype are fueling the run. OpenSea data shows floor prices doubling since April, while crypto Twitter shills the project like it’s 2021 again. But with gas fees eating profits and blue-chip NFTs still down 80% from their peaks, skepticism lingers.

Key resistance levels loom ahead. If PENGU clears $7.50, bulls might push for $10—until the next ’rug pull’ narrative sends holders scrambling. After all, in crypto, even the cutest projects eventually face the music.

Can PENGU maintain its recent gains?

According to AMBCrypto’s analysis, the Pudgy Penguins token is experiencing higher buying pressure as market sentiment remains bullish.

For starters, looking at the memecoin’s Spot Netflow, it has held within the negative territory since the 28th of April, as it sat at -$1.15 million.

A negative spot netflow for a sustained period of time reflects strong accumulation, with buying hands prevailing in the market.

Thus, PENGU is recording more exchange withdrawals than inflows, signaling bullish sentiment and confidence in the market.

Source: CoinGlass

Moreover, Funding Rates have flipped positive after briefly dipping into negative territory the day prior.

This shift implies that traders are paying to maintain long positions, reflecting expectations of further price appreciation.

Source: Santiment

Positive Weighted Sentiment further confirmed this market bullishness.

When the Pudgy Penguins memecoin retraced, its Weighted Sentiment turned negative. It has since rebounded, suggesting that traders remain broadly optimistic.

Often, positive sentiments encourage investors to enter the market, thus rising demand results in higher prices.

Source: Santiment

What’s next for Pudgy Penguins?

Simply put, PENGU is experiencing favorable market conditions that position the memecoin for more gains on its price charts.

With investors exhibiting bullish sentiments while buying pressure is dominant in the market, we could see the memecoin make a major move.

A move to the upside from here will see the memecoin reclaim $0.013, which will strengthen it to challenge $0.014, where it has faced multiple rejections.

However, if buyers get exhausted after a month-long market dominance, we will see a pullback to $0.0103.