Pudgy Penguins (PENGU) has taken a big step towards achieving its goal of expanding its reach beyond the internet.
Following its successful TCG drop in June, Pudgy Penguins has now released PENGU plushies for retail. The new plush product line marks the NFT project’s biggest foray into retail yet. More importantly, this move extends Pudgy Penguins’ reach to millions more users.
Actually, Chubby Penguins Drawing attention to this turning point, he added:
Pengu met millions of new people in the retail industry
An expanded user base is good news for the network and its native token, PENGU, as it increases the token’s use cases. Moreover, more investors will discover the token through QR codes on plush toys, potentially increasing demand for PENGU.
How did the Pudgy Penguins market react?
With the news, PENGU price increased slightly to $0.0062 and then fell slightly to $0.0061 at the time of writing. These slight increases were mostly due to spot buyers rushing to accumulate savings.
According to CoinGlass data, stock market outflows significantly outpaced inflows last day. As a result, Spot Net Flow remained negative.
At the time of writing, Spot Netflow was -$139K, indicating that there are more PENGU flows than exchanges. Many times, reduced supply on exchanges preceded better price performance.
Bears still dominate the bullies and risk another pullback
As buyers acted on the good news, derivatives traders aggressively cashed in on those gains.
To begin with, on the permanent side, Perps Selling Volume increased to 984.2 million compared to Buying Volume of 874.9 million.
As a result, the perpetrators recorded a negative delta of -109.3 million; This is a clear sign of aggressive selling. The same market behavior was observed in futures transactions.
Futures Outflow rose to $23.4 million while Inflow fell to $22.4 million, according to CoinGlass data. That’s why Futures Netflow fell 228% to -$975K.
Negative Futures Net Flow indicates that more investors are closing positions, reflecting the increasing bearish sentiment.
What’s next for Memecoin?
Despite PENGU’s expanded reach, the market structure remains strongly bearish. At the time of writing, the Relative Strength Index remained in the bearish zone at 45.
This means that sellers still control the market. The Stochastic Momentum Index also confirmed this view, remaining negative.
Although the SMI is in an uptrend, the indicator remains deep in bearish territory. These two taken together indicate that the momentum is downward and will likely remain so.
So, if the light demand caused by the news is further exacerbated by derivatives pressure, PENGU will fall to $0.0058. If plushes help boost demand, PENGU with an extended base could hold $0.006 and target $0.0068.
Final Summary
- Pudgy Penguins announced the release of PENGU plushies on all Target shelves in the United States.
- The PENGU market continues its structural downward trend due to the intense sales pressure in the derivatives market.
