PENGU price: Why is it down after a 38% weekly rally?

Pudgy Penguins (PENGU) has fallen nearly 10% in 24 hours to around $0.0098 on Sept. 24, even as the token remains roughly 38% higher over the past seven days. Summary PENGU fell nearly 10% in 24 hours while remaining roughly 38% higher over seven days. CoinGlass showed open interest near $156 million as derivatives activity cooled during the latest pullback. RSI at 67.15 remained below overbought territory while the Aroon Oscillator stayed positive near 57. Ali Charts identified weekly buy signals, while his $0.025 and $0.045 targets remain projections only. Spot netflow was slightly positive near $88,550, showing limited imbalance between exchange inflows and outflows. CoinGecko data shows PENGU trading around $0.0098 during the latest check, with a 24-hour range between $0.009478 and $0.01111. Its market capitalization stood near $619 million, while 24-hour trading volume was approximately $376 million. The token had climbed from $0.00685 on Sept. 15 to above $0.010 earlier this week, CoinGecko historical data shows. PENGU reached the $0.011 area before sellers pushed the price back under the psychologically watched $0.010 level. You might also like: Pudgy Penguins cards hit Target shelves across the U.S. PENGU price has slipped below $0.01 after its rally The latest decline follows several days of strong gains. CoinGecko recorded PENGU at $0.00726 on Sept. 17 and $0.01003 by Sept. 22, showing how quickly the token advanced before the latest pullback. CoinGecko still placed PENGU’s seven-day return near 38.2% during the Sept. 24 check. The token remained approximately 85% below its $0.06845 all-time high despite the weekly recovery, while its circulating supply stood at roughly 62.86 billion tokens. No single verified project-specific event reviewed for this report established the cause of Thursday’s drop. Market data instead shows the decline occurring after PENGU reached its highest price in several months and after derivatives participation began cooling. PENGU open interest has fallen as traders reduce exposure A Sept. 24 CoinGlass snapshot showed derivatives volume down 12.68% at approximately $536.67 million, while open interest declined 11.66% to roughly $154.03 million. A later live reading placed open interest near $156.47 million and 24-hour futures volume around $576.31 million, showing how quickly the figures can change intraday. CoinGlass recorded nearly $1.94 million in PENGU futures liquidations over 24 hours during that later reading. Falling open interest means fewer futures positions remain outstanding, although CoinGlass notes that position closures can result from voluntary exits or forced liquidations and do not identify a single directional cause. Pengu spot netflows, source: CoinGlass Spot flows looked less decisive. The Sept. 24 CoinGlass netflow reading supplied with the market data stood near +$88,550, meaning exchange inflows were only slightly above outflows at that point. The recent flow series contained both positive and negative readings without a sustained run of large positive inflows.