Pudgy Penguins’ PENGU token dropped nearly 10% in 24 hours to around 0.0098 USD on September 24, giving back part of a rally that had pushed the memecoin roughly 38% higher over the previous seven days — and derivatives data suggests traders are quietly taking money off the table.
By Diego Rivera | September 25, 2026
The Hook: A Fast Rally Hits a Ceiling at 0.01 USD
CoinGecko data shows PENGU trading around 0.0098 USD during the latest check on September 24, with a 24-hour range between 0.009478 and 0.01111 USD. The token’s market capitalization stood near 619 million USD, while 24-hour trading volume was approximately 376 million USD.
The pullback came after a remarkably fast run: CoinGecko historical data recorded PENGU at 0.00685 USD on September 15, then 0.00726 USD on September 17, and above 0.010 USD by September 22. That is roughly a 46% climb in about a week. The token reached the 0.011 USD area before sellers pushed it back below the psychologically watched 0.010 USD level.
For context, Bitcoin traded near 84,373 USD and Ethereum near 2,687 USD in the same CoinGecko snapshot period — meaning PENGU’s weekly surge and Thursday’s slide were driven by its own momentum, not a broad market move.
On-Chain Evidence: Derivatives Are Cooling Off
A September 24 CoinGlass snapshot showed the clearest signal of what changed. Derivatives volume fell 12.68% to approximately 536.67 million USD, while open interest — the total value of futures contracts still outstanding — declined 11.66% to roughly 154 million USD. A later live reading placed open interest near 156 million USD, showing how quickly these figures move intraday.
Falling open interest means fewer traders are keeping leveraged bets open. CoinGlass also recorded nearly 1.94 million USD in PENGU futures liquidations over 24 hours — forced closures of positions that ran out of cushion. Importantly, CoinGlass notes position closures can be voluntary exits or forced liquidations, and the data does not identify a single directional cause.
Spot flows were less decisive. The CoinGlass netflow reading stood near positive 88,550 USD, meaning exchange inflows were only slightly above outflows. In plain terms: there was no panic selling, but no strong accumulation either.
The Core Conflict: Stretched Momentum Meets a Rejection at the Highs
No single verified project-specific event explains Thursday’s drop, according to the market data reviewed. Instead, the decline occurred after PENGU reached its highest price in several months and after derivatives participation began cooling — a classic pattern where a fast rally runs out of fresh buyers.
Technical indicators still lean constructive but are stretched. PENGU’s 14-period RSI stood at 67.15 — above the neutral 50 level but below the conventional 70 overbought threshold. The Aroon Oscillator sat near positive 57.14, indicating recent highs still outweigh recent lows. Even with the rejection above 0.010 USD, momentum has not flipped bearish — it has simply paused.
The levels to watch now: the 0.0095 USD region sits close to September 24’s intraday low of 0.009478 USD. Losing that area would break short-term support, while a recovery above 0.0105 USD would put the recent highs back in play.
Market Implications: Bullish Analysts, Big Caveats
Crypto analyst Ali Charts identified several weekly indicators he views as constructive: contracting Bollinger Bands, consecutive Tom DeMark Sequential buy signals, a bullish Parabolic SAR flip, and a SuperTrend buy signal. He placed the midpoint of a parallel channel around 0.025 USD and its upper boundary near 0.045 USD — but both levels are projections, not confirmed outcomes.
Analyst Crypto Patel offered a different map: approximately 0.009 USD as a confirmed breakout zone and 0.0055 USD as higher-timeframe support, with projected targets of 0.015, 0.028, 0.043, and 0.060 USD if PENGU confirms a break and retest of its long-term trendline. Patel stressed caution, writing, “I don’t want to chase a candle. I want to see a clean break.” Every one of these figures is a technical forecast, not a verified future price.
Behind the token, Pudgy Penguins continues to expand its consumer business — its official store lists new fall products including stationery, water bottles, and stickers, part of a broader retail strategy that has kept the brand visible beyond crypto circles.
The Verdict: A Breather, Not a Breakdown — Yet
PENGU remains roughly 38% higher over seven days despite Thursday’s slide, and it is still about 85% below its all-time high of 0.06845 USD — a reminder of how far the token fell before this rally. With open interest shrinking and spot flows balanced, the market appears to be waiting for a reason to pick a direction.
For regular investors, the practical read is this: a 10% drop after a 38% weekly gain is normal breathing for a memecoin, not a signal by itself. The 0.0095 USD area is the line in the sand for the short term. If it holds, the rally structure remains intact; if it breaks, the next commonly cited support sits much lower. As always with memecoins, position sizing matters more than prediction.
The cryptocurrency market remains highly volatile. This article is for informational purposes only and does not constitute financial advice.
-10% after a 38% week is just tuesday for pengu holders. that 0.01 ceiling is a brick wall
1.94M in liquidations sounds scary until you remember the mcap is 619M. that part is noise, the falling open interest is the real signal here
disagree, funding resetting after a 38% candle is healthy. i would worry if OI was still climbing into the dump
funding reset plus OI down to 154M is the setup you want before another leg. longs flushed, basis back to normal
noise until you are one of the liquidated lol. respect the take tho
38% in a week and people are shocked its giving some back? thats just how memecoin cycles work lol
Open interest down 11% to 154M while price only drops 10% reads more like profit taking than a trend change. RSI at 67 never was overbought territory.
flat netflow plus OI unwinding into a 10% dip is the consolidation read. real question is whether 0.0095 holds on a retest
^ agreed, and the netflow was basically flat at +88k. no exit liquidity event here, just leverage cooling after the 0.011 rejection
btc at 84k and eth at 2,687 doing nothing while pengu swings 10% on its own momentum, love a token that ignores the market. hate holding it tho lol
46% off 0.00685 in a week and a 10% dip is somehow the story. the 0.0095 to 0.011 range is where it actually gets decided