PENGU Sees $70M Outflows Yet Bulls Eye Potential Rebound
Memecoin PENGU endured a significant $70 million liquidity outflow in 24 hours, driving Open Interest on CoinGlass down to $332.7 million and prompting heavy long-side liquidations. Despite this sell-off, the OI-weighted funding rate remained positive—falling from 0.0265% to 0.0063%—highlighting persistent bullish interest. Exchange netflow data revealed over $14.5 million of PENGU tokens moved into private wallets in the past 72 hours, reducing sell-side liquidity and reinforcing buying pressure. On-chain metrics and technical indicators support a potential reversal: the coin is trading near a key support line within a bullish triangle pattern, the Chaikin Money Flow peaked at 0.04, and the Average Directional Index slid to 20.91, signaling weak bearish momentum. Overall, while the liquidity drain sparked a 9% price drop, growing bullish sentiment and scarce token supply on exchanges point to a possible rebound for PENGU.
Bullish
Despite a sharp $70 million liquidity outflow driving a 9% drop, PENGU’s on-chain and technical indicators point to a bullish reversal. The OI-weighted funding rate remained positive, and exchange netflow data showed over $14.5 million worth of PENGU tokens moved off exchanges, reducing selling pressure. The coin is trading near a key support line within a bullish triangle pattern, while the Chaikin Money Flow and a subdued ADX reading underscore increasing buying volume and weakening bearish momentum. Historically, memecoins like DOGE and SHIB have mirrored this drop-to-rally setup, where scarcity on exchanges and persistent funding rates trigger rebounds. In the short term, traders may capitalize on a potential bounce off support levels. Over the longer horizon, sustained buying interest and limited liquidity could fuel a continued uptrend, positioning PENGU for possible new highs once market sentiment fully shifts.