PENGU experienced a typical short-term speculative rally at the beginning of the year. Starting from an opening price of $0.009, funds rapidly flowed in, pushing the price to around $0.013. Market participation surged, and trading activity was extremely hot. However, the problem is that this increase was mainly driven by short-term sentiment and not by long-term institutional positioning.

The good times didn't last long. As subsequent momentum waned, the earliest investors started to take profits, leading to increased selling pressure. Coupled with a more cautious market sentiment and lower risk appetite, leveraged traders faced difficulties, forced to cut losses and close positions, which in turn accelerated the downward pace.

When the price broke below the key level of $0.011, things started to get a bit out of control. A large number of stop-loss orders were triggered, causing a waterfall of sell orders. Buyers couldn't keep up, and the downward momentum accelerated sharply. Trading volume increased, but this precisely indicated the problem—short-term funds were exiting, not long-term holders' panic. In this situation, funds were fleeing in batches from high levels, rather than a healthy correction.

The technical indicators also turned weaker, with momentum turning bearish and the short-term trend clearly pointing downward. Although there are some signs of a rebound recently, the overall pattern still needs time to be validated.

To stop the decline, PENGU needs to stabilize around $0.010 and see genuine buying interest enter the market. If the price cannot break back above $0.011 for a long time, this market is likely to remain weak and volatile in the short term. Only by reclaiming this level can market confidence and bullish structure gradually be restored.