PENGU attracted quite a bit of attention at the beginning of the year. Starting from an opening price close to $0.009, early funds quickly pushed the price up to around $0.013, and market sentiment was very hot. Trading volume also increased, giving the impression of a takeoff.

But a closer look at the trading structure reveals the problem. This surge was mainly driven by speculative funds; long-term buyers did not truly enter the market. Short-term speculation pushed the price higher and boosted sentiment, but it couldn't last long.

After the price spiked, subsequent buy orders dried up. Early investors began to take profits one after another, and the overall market risk appetite declined. The days of leveraged traders became increasingly difficult. The market structure changed accordingly.

Sell orders rapidly increased, but this was not panic selling by long-term holders; it was short-term funds fleeing en masse. The supply and demand imbalance became severe. After the price broke below $0.011, many stop-loss orders were triggered, accelerating the decline.

Support levels were not maintained, buy orders shrank, and selling pressure continued to release, causing the price to move downward. The current market is in a defensive stance.

From the candlestick chart, this looks more like a distribution phase. The red volume bars on the chart are characteristic of distribution, not a healthy technical correction. The MACD also further moved into a bearish zone, signaling a clear trend.