- PENGU overtakes DOGE in volume as Korean traders shift focus.
- Breakout pattern targets $0.052 after setting new all-time high.
- Open interest surges 54 percent, signaling strong bullish momentum.
Pudgy Penguins (PENGU) has gained strong momentum after surpassing Dogecoin (DOGE) in trading volume on Upbit. The meme coin surged to an all-time high (ATH) of $0.0455 before a slight retracement to $0.044.
According to @ali_charts, PENGU appears ready for another leg up, with $0.052 marked as the next key target. The asymmetry triangle pattern has also been broken, which is a bullish continuation and an increase in investor confidence.
The volume of trading has skyrocketed as Korean traders shift interest to the skyrocketing PENGU in exchange for DOGE. South Korea’s largest exchange, Upbit, recently handled more PENGU volume than DOGE during recent sessions.
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This indicates that traders’ interest has shifted, as most are now targeting newer meme coins with rapid momentum. The bullish structure that can be found on the lower time frame charts has been further justified by the strong price action and increased volume.
Further, derivatives market data indicates that activity is high, and market interest in PENGU is also high. Coinglass shows open interest spiked 54 percent in just 48 hours, jumping from $426 million to $657 million.
Source: Coinglass
Favorable funding rates still signal an overpowering preponderance of long positions, which implies a bullish attitude on great platforms. This implies that the traders are waiting to see the appreciation in prices continue in the short term.
Korean Traders Drive PENGU’s Rise as Market Eyes New Price Milestone
Korean traders are leading the rally as PENGU gains strong traction on their preferred trading platforms. The increasing interest in meme coins and powerful movement with new storylines can explain the trend towards abandoning DOGE in favor of PENGU.
The existing configuration in the chart indicates a definite breakout of consolidation, which in technical analysis is usually a bullish indicator. Volume confirmed the breakout, solidifying interest and providing support for the price to move toward the $0.052 zone.
Broad-based behavior of investors on Upbit indicates that potential remains on the up after both technical and volume figures suggest that there is optimism. The flip above DOGE is regarded as a landmark, and this puts PENGU on a platform that has serious intentions of being considered an actual meme coin.
Source: Lookonchain
This is likely to continue gaining momentum in the event of a further increase in trading activity and volume in the coming days. The traders are watching closely to determine whether PENGU can break through the resistance of $0.046 and push further to $0.052.
For now, PENGU remains firmly in focus, with its rise backed by strong market signals and community engagement. The attention from Korean markets could continue to fuel further price growth and increased global exposure.
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