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Following
PENGU PENGU fell by 7.5%, memecoin sell-off intensified in the crypto market.
PENGU prices fell by 7.5%. As widespread sell-off of memecoin the cryptocurrency market heats up, the token fell below key technical support levels. During trading, the price of PENGU fell below the key exponential moving average (EMA) and volume-weighted average (VWAP). Bulls must regain lost support, and continued weakness could expose a lower price range.
Puggy Penguins faces new selling pressure as traders reduce their exposure to memecoin. In the past 24 hours, the coin price has dropped by approximately 7.5%. At the same time, trading volumes were also below recent averages, indicating limited panic among sellers. The decline was not triggered by major vulnerabilities, listings, unlocks or project announcements, but the overall weakness of the memecoin sector pushed PENGU prices lower. The latest trend further undermines local support, causing traders to pay close attention to key price levels for signs of stabilization.
Facing broader selling pressure on memecoin
In the past day, PENGU fell between 7.3% and 7.5%. Spot trading volume reached approximately US$168.39 million during this period. The seventh-day average volume remains at around US$230 million, so the current activity level is about 73% of the recent trading norm. This trading volume shows no sign of a liquidation event driven by mass panic.
Judging from the weekly chart, the trend is even weaker, with PENGU falling by about 17.6%. The entire cryptocurrency market has also experienced a new round of selling pressure. In the past day, the total market value has dropped by about 2.3%, and the overall altcoin has dropped by about 1.4%. In contrast, the daily decline in PENGU is particularly prominent, with a decline more than five times the volatility of average altcoin. This performance points to greater pressure within memecoin and NFT-related assets. Traders may be reducing their exposure after a strong early performance.
Social activity also reflects the weakness of several mainstream memecoins. Market participants pointed out that funds are flowing out of tokens such as PENGU, BONK and FARTCOIN. Such operations usually occur when traders shift capital to safer market segments. Hot meme assets tend to face heavier selling pressure during these rounds, and their high liquidity also allows traders to exit positions more easily.
Technical analysis shows weak key support
Technical indicators provide another explanation for the decline. The one-hour chart showed PENGU closing at around $0.007467, which fell below its previous pivot low of around $0.007983. Prices remain below several exponential moving averages and VWAP. The Relative Strength Index (RSI) reading was close to 33, indicating considerable selling pressure, but the indicator has not yet entered deeply oversold territory.
This means there is still room for further weakness if sellers maintain control. As a result, the current level of technical structure remains fragile. Notably, analysts reported no unusual volume expansion during the break. The lack of volume expansion suggests there is no clear evidence of an external catalyst. On the contrary, sellers may have amplified the weakness after PENGU lost local support. Stop losses and short positions may then accelerate downward movement.
PENGU now needs buyers to regain lost support and rebuild momentum. If we can continue to recover the previous pivotal level, short-term sentiment is expected to improve. If weakness persists, lower areas of support may be exposed as traders reassess risk.
