Pudgy Penguins Tumbles 12% on Robinhood Listing Amid Whale Accumulation

Pudgy Penguins (PENGU) has recently been listed on the Robinhood Advanced trading platform, offering traders enhanced tools for managing their positions amid a broader slump in the cryptocurrency market. At the time of the listing, PENGU traded at $0.033, having dropped by 5% in the past 24 hours and over 12% in the last week. The token’s trading volume in the last 24 hours reached $409 million [1].

Despite the sharp decline, whale wallets have been increasing their holdings of PENGU, suggesting accumulation activity from larger investors. Social media comments from Lennaert Snyder noted that “PENGU whales are growing exponentially” and that “as price is increasing, more whales are accumulating PENGU.” However, these statements appear to contrast with the current bearish price action [1].

Analysts remain cautious but watchful of key price levels. Sjuul from AltCryptoGems pointed out that PENGU is currently tapping into demand near critical support levels and that a successful bounce could signal a potential reversal. “As long as we hold here, we should be good to go,” they added [1].

The token is currently trading near a support zone between $0.028 and $0.032, a range that has previously acted as resistance. The price has pulled back from a recent high of $0.047. If this area holds, it could be a catalyst for a higher move; a breakdown would likely extend the current downtrend [1].

Technical indicators remain bearish. The Bull Bear Power (BBP) is at -0.001655, indicating active selling pressure, while the Relative Strength Index (RSI) stands at 42.78, reflecting weak buying strength and a reading below its average line [1].

Satoshi Flipper noted that the PENGU 4-hour chart is forming a falling wedge pattern, a technical formation often associated with potential breakouts. He remarked that the pattern “continues to fill out nicely as price retests strong support again.” However, no breakout has yet been confirmed [1].

Crypto analyst Ali Martinez also emphasized the importance of this price area for buyers, noting that any clear movement above or below the current range could trigger a significant market reaction [1].

The listing of PENGU on Robinhood Advanced may provide new liquidity and trading activity, potentially attracting retail investors who previously had limited exposure to the asset. However, the broader market environment remains challenging, with several other digital assets experiencing similar price declines.

Source: [1] Robinhood Lists PENGU as Whales Buy the Dip Amid 12% Price Slide (https://coinmarketcap.com/community/articles/689382f1b5b81268da932891/)