Pudgy Penguins Corrects 6.3% After Korea Blockchain Week Rally
Pudgy Penguins (PENGU) has dropped 6.3% in value after its recent rally tied to Korea Blockchain Week, according to CoinMarketCap.
The cryptocurrency surged 38% over the prior week, reaching a five-month high near $0.0109 due to events and activations at KBW, including the 'Pengu Playground' experience with arcade games and partner activations.
However, this sharp leg up has led to a post-hype correction, amplified by derivatives de-risking and a broader meme coin cool-off.
The recent 6-7% daily decline is part of a give back from the aggressive KBW-driven pump that left PENGU stretched on both price and technical indicators.
Derivatives data shows risk being taken off in PENGU, with futures open interest easing off and $1.94 million of PENGU futures liquidations over the same period.