Following a strong daily price surge, market participants are watching whether PENGU can absorb significant onchain selling pressure from large wallets.
PENGU leads memecoins with a strong daily gain
PENGU's price increased by
↗13%
over the last 24 hours, leading the memecoin category. This performance outpaced both its competitor TRUMP, which gained
↗11%
, and the broader memecoin category average of
↗5%
.
Onchain data reveals high activity and heavy selling
This price move occurred alongside a
↗99%
surge in onchain trading volume, driven by existing traders as the number of new traders grew by only
↗1.58%
. However, onchain data also shows significant selling pressure, with sell volume outweighing buy volume by approximately four to one.
Price remains significantly below its all-time high
Despite the recent positive performance, PENGU's price is still trading
↘65%
below its previous all-time high.