Pudgy Penguins (PENGU) has become the market’s top gainer, rising 6% in the past 24 hours. At the time of writing, the meme coin is trading at $0.025.

Despite the price surge, the increase has prompted a wave of selloffs, casting doubt on the sustainability of its recent gains.

Pudgy Penguins Holders Offload as Price Climbs

The outflows from PENGU’s spot market on Thursday reflect the profit-taking activity among holders. According to Coinglass, this totals $1.14 million.

When an asset sees spot outflows during a price rally, it indicates that investors are selling their holdings despite the rising value. This often reflects profit-taking and suggests a lack of long-term confidence in the price surge.

At press time, PENGU’s Chaikin Money Flow (CMF) is below zero at -0.19 on the daily chart. This forms a bearish divergence with the token’s rising price, hinting at a potential reversal. 

The CMF measures the cumulative flow of money into or out of an asset over a specified period, indicating buying or selling pressure. When the CMF is negative while an asset’s price is rallying, it suggests that the rally is occurring without strong buying interest. This signals a weakness in the price movement and a higher risk of a reversal.

PENGU Price Prediction: Token Could Drop To All-Time Low

PENGU trades at $0.025 at press time, slightly above the support formed at its all-time low of $0.022. If buying activity wanes, the token’s price could fall toward this level in the near term.

However, the actual demand for the altcoin would invalidate this bearish thesis. In that scenario, PENGU’s value could climb to $0.030.

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