Crypto
Pudgy Penguins Plummets Amidst Memecoin Selloff
Pudgy Penguins (PENGU) dropped about 7.5% in value over the last day, joining a broader memecoin selloff and technical breakdown of local support.
The price decline aligns with decreased trading activity, as 24-hour spot volume reached around $168.39 million, roughly 73% of recent norms.
The drop in PENGU's value is more pronounced than the overall market, which saw a 2.3% decrease in total crypto market cap over the last day and a 1.4% decline for altcoins as a group.
Social flow suggests that mainstream memes like BONK and FARTCOIN are also experiencing selling pressure, consistent with capital rotation out of crowded memecoins after a run.