Will PENGU’s 9% Pump Survive the Spot Sellers? Or Will the Market Laugh Last? 🤔

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  • PENGU surged 9.6% in 24 hours, as if it just remembered it could be something other than a meme—long/short ratio at 54.01%, favoring the bulls, or so they claim.
  • If spot selling keeps up, PENGU might struggle to hang on to its shiny new momentum—bullish leverage can only do so much when the traders are playing poker with fire.

In the last 24 hours, Pudgy Penguins [PENGU], that adorable flock of digital fluff, has decided to put on a show, climbing by 9.6%. Oh, what a surprise! The markets apparently woke up and said, “Let’s give the meme coin a boost”—despite the fact that spot traders are busy selling like there’s a fire drill.

Further analysis reveals that derivative traders are acting like a bunch of fortune-tellers—buying like there’s no tomorrow. They seem to think the rally will go on. The trades are hot, the vibes are bullish, and everyone’s buying — except for the poor souls actually holding the coin, who keep selling, as if they’re trying to jinx it.

What are derivatives traders up to? 🧐

At the moment, derivative traders look confident, or maybe just overconfident—buying volume is at its peak across multiple timeframes. In the last four hours, the Long/Short Ratio is 52.67% longs versus 47.33% shorts—almost a coin flip, but with a bias towards bullish optimism.

This imbalance echoes across higher timeframes, suggesting these traders are dreaming of riches, buying like it’s Christmas morning—only it’s December in July. And yes, the buying pressure keeps rolling in, like a snowball gaining size on a hill.

Zooming out, the 24-hour Long/Short ratio shows a clear favoritism for longs—54.01% long versus 45.99% short, as if the market’s whispering, “Go long, or go home.” The Open Interest-funded Rate has flipped positive too, adding fuel to our bullish fire—a sign that most market players are dreaming of green candles.

Historically, when the Funding Rate is positive, prices tend to climb, while a negative reading often signals a correction—like a bad joke falling flat. For now, the setup suggests that traders leaning on leverage are betting their last shirt on more gains. Or maybe just hoping these gains stick around long enough for a good exit.

Spot sellers could delay a potential price move 💤

Meanwhile, those pesky spot traders are doing the opposite—they’re offloading PENGU like it’s a hot potato. Over $808,000 worth just yesterday—like they’re trying to make it rain profits and run away laughing.

This scale of selling suggests some traders might just be taking their chips off the table before the market pulls a fast one. But beware—if this selling continues long enough, it’s like trying to put out a fire with gasoline. They could be reducing exposure, but actually pushing the price down instead.

Which path will PENGU take? 🚦

Finally, the wise folks at AMBCrypto looked at liquidity clusters—these are the digital magnets that attract prices like moths to a flame. The current heavier cluster is above $0.015, promising a potential rally if the stars align—and maybe a bit of fairy dust.

If the market behaves like every good soap opera, PENGU’s bound to be drawn higher, assuming all other factors cooperate, and the derivative traders keep dreaming big. The question remains—will the spot sellers get cold feet, or will they be proven wrong? Only time, and a little sarcasm, will tell. 🎭

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2025-06-07 16:13