Pengu Token Ownership Reaches 868,000 Units Amid Supply Reduction - Could This Spell Wariness?
In the world of cryptocurrency, Pudgy Penguins (PENGU) have been making waves. Over 357 million PENGU tokens, representing approximately 13.69% of the total supply, have been burned, according to recent data. This significant move has contributed to a surge in activity on the platform.
The burning of tokens has not been the only source of activity. Swaps totaled around 400,000, adding $139.5 million in activity to the platform. This surge in activity can be attributed to a variety of factors, including the rapid adoption of Pudgy Penguins and the strong community growth they have fostered.
The Circulating Supply of PENGU currently stands at 62.86 billion, with a Total Supply of 88.889 billion. This means that over a quarter of the total PENGU supply is no longer in circulation. The Fully Diluted Value of PENGU is $2.967 billion, reflecting the potential value of the platform if every token were to be traded at its current price.
The price of PENGU has stabilized at $0.033, but it's important to note that despite a 32% gain last week, PENGU is down 6% in 24 hours. This slight dip could be attributed to various market factors, but the overall trend remains positive.
Transfers on the platform have been robust, with a total of 618,107 transfers recorded. About 41% of these transfers were made by retailers with orders ranging between $10 and $100, contributing $9.45 million in volume. Whales and sharks, on the other hand, executed fewer transfers but generated $461 million in volume.
The RSI (Relative Strength Index) of PENGU remains at 51.48, suggesting the bounce zone may hold. If PENGU drops to $0.030, a breakdown there could shift the structure and weaken the bullish case. However, if it can hold above the $0.033 level, PENGU could revisit $0.040.
On the Abstract chain, there are 236,113 PENGU holders and 340,233 traders. The rapid adoption of Pudgy Penguins indicates a strong community growth, with Pudgy Penguins (PENGU) reaching 868,000 holders. Despite the current size of the Holder base not being explicitly stated, it is noted that PENGU has gained significant investor interest in 2025, including institutional attention and a 150% value increase in July 2025, indicating active and growing ownership.
In conclusion, the Pudgy Penguins platform has seen significant activity, with a massive token burn, increased swaps, and robust transfers. The price stabilization at $0.033 and the steady RSI of 51.48 suggest a resilient platform, despite the 6% dip in 24 hours. The overall trend remains positive, with potential for further growth if the price can hold above $0.033.
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