Following a sharp price decline for PENGU, traders are now watching whether the recent surge in trading volume can absorb significant selling pressure from large wallets.

Price declines amid surging trading volume

PENGU’s price fell

↘13%

in the last 24 hours, even as its daily trading volume surged by

↗54%

. This occurred during a wider downturn, with the memecoin sector declining by an average of

↘10%

and competitor

also posting

↘10%

losses.

Onchain data shows heavy selling from large holders

The price drop coincided with heavy onchain selling, where sell volume was nearly five times greater than buy volume. Onchain data shows that large wallets, often called "whales," were responsible for over 58% of this trading activity.

Signs of user engagement remain despite downturn

Despite the daily drop, PENGU’s monthly performance shows a smaller

↘2%

decline. Onchain activity also shows some continued engagement, with swap frequency increasing by

↗5%

and the network adding 988 new traders.