Pudgy Penguins (PENGU) Faces Bullish Derivatives Sentiment Amid Spot Selling and Key Liquidity Tests

Pudgy Penguins’ memecoin PENGU recently experienced a sharp price move, initially dropping 9% to test a major demand zone at $0.012—an area historically linked to strong reversals and increased interest from large holders and whales. Despite this short-term bearish move, the market structure remained broadly bullish, with growing whale accumulation and a steady rise in Open Interest since late April, indicating increased speculative demand. In the most recent 24 hours, PENGU rebounded, gaining 9.6% and sparking strong bullish sentiment in the derivatives market. The long/short ratio in derivatives reached 54.01% in favor of longs, and the Open Interest-weighted funding rate turned positive—both considered signals of further upside potential. However, more than $808,000 worth of PENGU was sold off on the spot market during the same period, suggesting either profit-taking or a strategic reduction in positions, which could restrain further upside. Liquidity clustering around $0.015 highlights a key resistance level for traders to watch. The near-term outlook for PENGU is uncertain, as the interplay between robust derivatives optimism and significant spot selling creates mixed signals. Traders should closely monitor spot sell pressure, liquidity zones, and derivatives positioning to anticipate the next major price move.