Pudgy Penguins (PENGU) has been gaining steam lately. At one point, it was one of the best-performing altcoins in the market. But just as quickly, it lost steam and became one of the worst performers in 24 hours. So what’s going on with PENGU price, and is the $0.10 target still in play?
Crypto expert Gerhard, who has over 136,000 subscribers on YouTube, took a close look at what’s behind the price action and why it might not be as organic as it seems.
PENGU Price Strong Rally Followed by Rapid Pullback
Last week, PENGU was flying high, second-best among the top 100 cryptos. But within a day, it tanked. That kind of dramatic swing isn’t always about fundamentals or long-term value. According to Gerhard, it often comes down to leveraged trading.
He explained that these sharp moves are usually driven by traders placing large bets in the futures market. The price can pump fast when there’s a rush of long positions, but it can crash just as quickly once momentum fades or funding rates flip negative.
What’s interesting is that even during a 230% rally, the number of holders didn’t go up much. That suggests the price jump wasn’t matched by actual retail interest; it was more of a trading game than a community-driven run.
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Trading Activity on Centralized Exchanges
Even though PENGU has decent liquidity on the Solana chain, with millions in pool size, most of the action happens on centralized exchanges like Binance, OKX, and MEXC. That’s where it launched, and that’s where most of the volume still lives.
Gerhard pointed out that PENGU saw a massive $77 million in 24-hour futures trading volume on Binance alone. That’s a lot of leverage, and not the kind of trading that reflects steady growth. It’s short-term bets, in and out, with little long-term conviction behind it.
Moreover, meme coins live and die by attention. That’s the reality. PENGU got a lot of eyeballs recently, not because of strong community hype, but because of search traffic and social media chatter.
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But even with the increased attention, the number of wallet holders barely changed. Wallets holding $1,000, $10,000, or even $100,000 worth of PENGU stayed the same. That’s a big red flag if you’re hoping for strong, organic growth.
Gerhard also said that first-time buyer activity peaked on April 21, yet the price didn’t spike from there. This could be a sign of manipulation or just a lack of fresh capital to push things higher.
PENGU On-Chain Tracking and Insider Activity
One of the more eye-opening parts of the video was about tracking wallets. Gerhard and his team are monitoring around 600 influencer wallets. They use NFT activity, deposit addresses, and token patterns to figure out who’s buying what before it becomes a trending token.
He shared how insiders often get in early, talk up a project on social media, then watch as their followers jump in and drive the price up. It’s the same old pump-and-dump pattern, just dressed up in a new outfit.
Gerhard ended the video by saying that there are two ways to approach this market: buy random tokens and hope or follow where the insiders are putting their money. Either way, for PENGU price, all eyes are now on whether it can hold ground or if this was just another short-lived meme rally.
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