The price of the PENGU token rose by 10.24% due to the expansion of the 'Penguin Playground' activation at Korea Blockchain Week. This price increase led to the token's value exceeding the $0.01000 level, with a market capitalization of approximately $629.67 million. Meanwhile, the trading volume of the memecoin fell by 10.66% to $120.14 million, indicating a lack of growth in trading activity amid the price recovery. Pudgy Penguins confirmed its presence at Korea Blockchain Week through a specialized activation in Seoul, taking place from September 29 to October 1, providing the project with an opportunity to engage with users in Asia's largest blockchain market. The activation includes gaming events, mini-games, interactive activities, and new PENGU-branded merchandise.
The rise of PENGU also preceded an increase in its derivative interest: open interest (OI) rose by 10.04% to $148.17 million, despite a 15.58% decrease in derivative trading volume, which amounted to $252.19 million. The Long/Short Ratio stands at 0.9286, while on Binance, the PENGU/USDT ratio is 1.1706. Participants on OKX demonstrated a more pronounced long interest with a ratio of 1.81, whereas on Binance, large traders showed a ratio of 1.613 with a higher position ratio – 3.0765. Despite the recent price increase, futures metrics indicate continued seller pressure. The CVD indicator for futures showed a predominance of sales, suggesting that aggressive sell orders were supporting the market. Although there was a recent price increase, it did not lead to aggressive buying by traders in the futures market, which may call into question the current price recovery process.
Currently, PENGU is testing the $0.010298 level, which is a key point for further growth after recovering from the $0.00782 support level. The RSI indicator is recorded at 60.26, remaining in the neutral zone and not yet entering the overbought zone. However, this indicator is slightly below its average mark of 61.03, indicating a weakening of buying activity during the current consolidation. If the token can sustainably break above the $0.010298 level, it may pave the way to the $0.011500 area. However, if the price is rejected at the $0.010298 level, it may lead to a retest of the $0.009458 support level before a new breakout attempt occurs. Losing this support level would weaken the recovery structure and open a deeper demand area around $0.00782.
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