$PENGU is sitting on $0.008489 while its own NFT sales just fell 52%, and the token isn't following the art down.
Pudgy Penguins launched a $1.5 billion PENGU airdrop on Solana, and price paid for it, off more than 50% after the tokens hit wallets and down 12.54% on the week. that overhang is the whole bear case, and it's already in the chart.
here's what changed: NFT sales dropped 52% in the same stretch PENGU ran 13%. the token and the jpegs have split. people are trading PENGU as a token now, not as a bet on penguin pictures, and that's a cleaner place to price it from.
i'm not calling this a rocket. setup score is 7 out of 14, volume's running 0.71x the prior 20 days, RSI 58. it's a grind higher, not a rip.
right now $PENGU trades $0.008588. if it holds yesterday's low at $0.008489, a bit over 1% under spot, i think it works back toward the 24h high at $0.009338, about 8.7% up. if it loses $0.008489, i'm wrong on this and there's nothing to defend, anyone long from here is just holding the airdrop overhang and hoping it fills.
holding $0.008489 or losing it?
Pudgy Penguins launched a $1.5 billion PENGU airdrop on Solana, and price paid for it, off more than 50% after the tokens hit wallets and down 12.54% on the week. that overhang is the whole bear case, and it's already in the chart.
here's what changed: NFT sales dropped 52% in the same stretch PENGU ran 13%. the token and the jpegs have split. people are trading PENGU as a token now, not as a bet on penguin pictures, and that's a cleaner place to price it from.
i'm not calling this a rocket. setup score is 7 out of 14, volume's running 0.71x the prior 20 days, RSI 58. it's a grind higher, not a rip.
right now $PENGU trades $0.008588. if it holds yesterday's low at $0.008489, a bit over 1% under spot, i think it works back toward the 24h high at $0.009338, about 8.7% up. if it loses $0.008489, i'm wrong on this and there's nothing to defend, anyone long from here is just holding the airdrop overhang and hoping it fills.
holding $0.008489 or losing it?
