$PENGU has fallen from 0.00729 on 11/4 to around 0.00616 now, down 15% in eight days. The share of Binance futures accounts going long had stayed below half, but over the past two days it climbed from 42.2% in the early hours of 11/10 back to 45.7%. Whales’ long positions have also stayed stuck around 70% without backing off. Who will blink first this time?
The number of tokens held dropped from 4.4 billion on the morning of 11/6 to 3.98 billion, a decline of nearly 10%. The value fell from $28.9 million to $24.6 million. The funding rate has been stuck at 0.005% for almost every interval: no one is rushing to chase longs, and shorts haven’t piled in enough to push the rate negative.
My read is that money is slowly moving out, whales are holding steady, and retail traders are starting to try to buy the dip. The biggest risk in this kind of market is another break below the 0.0059 low from 11/8, triggering a wave of stop-losses.
I don’t hold any PENGU. If 0.0059 doesn’t hold, I’ll keep watching from the sidelines; if it gets back above the 11/11 high of 0.00645, I’ll take another look. Meme coins often swing 10% in a day. Think through the worst-case scenario before getting involved—this isn’t financial advice. Penguins may look cute, but they won’t go easy on you when prices fall. At this level, I’d rather miss out.
#PENGU #MemeCoin #LongShortRatio #OpenInterest
The number of tokens held dropped from 4.4 billion on the morning of 11/6 to 3.98 billion, a decline of nearly 10%. The value fell from $28.9 million to $24.6 million. The funding rate has been stuck at 0.005% for almost every interval: no one is rushing to chase longs, and shorts haven’t piled in enough to push the rate negative.
My read is that money is slowly moving out, whales are holding steady, and retail traders are starting to try to buy the dip. The biggest risk in this kind of market is another break below the 0.0059 low from 11/8, triggering a wave of stop-losses.
I don’t hold any PENGU. If 0.0059 doesn’t hold, I’ll keep watching from the sidelines; if it gets back above the 11/11 high of 0.00645, I’ll take another look. Meme coins often swing 10% in a day. Think through the worst-case scenario before getting involved—this isn’t financial advice. Penguins may look cute, but they won’t go easy on you when prices fall. At this level, I’d rather miss out.
#PENGU #MemeCoin #LongShortRatio #OpenInterest
