The Pudgy Penguins (PENGU) meme coin has recovered slightly from the significant downtick that most assets in this category experienced yesterday, gaining 4.5% in the past 24 hours.
However, the token has accumulated an 80.7% drop since the year started, which makes it one of the worst-performing meme coins of the top 10.
Other assets have been much more resilient during this period. For example, Dogecoin (DOGE) and Shiba Inu (SHIB) have booked 34.9% and 33.1% yearly losses respectively.
Several macroeconomic factors are also serving as headwinds for this entire category. First, the U.S. Federal Reserve has paused its interest rate cuts for the year as they analyze the impact that Trump’s latest measures could have on inflation.
In addition, President Trump’s hostilities with countries like China, Canada, and Mexico on the trade front have also contributed to an increase in the market’s volatility.
As a result, the Fear & Greed Index for cryptocurrencies has entered ‘Fear’ territory and currently stands at 26. This indicates that investors are panicking over the latest sell-off.
Although this could be interpreted as a bad sign, when sentiment enters these extremes, it is typically viewed as a contrarian signal, meaning that the price of digital assets could climb from here as opportunistic buyers take advantage of low prices to open new long positions.
PENGU Could Be Poised to Drop by 16%
Data from CoinMarketCap shows that PENGU is currently trading 86% below its all-time high of $0.05738.
Back in December 2024 when PENGU completed its airdrop, the token’s market cap rose to a peak of around $4.32 billion. However, the token’s price progressively moved down despite being listed by top centralized exchanges.
Earlier this month, 13.7% of PENGU’s total supply was burned. Even though this kind of event typically favors the price of digital assets, it didn’t do much for this meme coin as its downtrend persisted.
From a technical standpoint, the price of PENGU has been on a sharp downtrend in the 1-hour chart and exhibits four consecutive lower highs.
Since the price has recently retested the upper trend line, short sellers may take advantage of the latest recovery to open new positions, as the risk-reward ratio would be the highest at this point.
Momentum indicators favor a bearish outlook as well as the Relative Strength Index (RSI) has moved below the signal line while the MACD’s histogram shows three consecutive negative readings.
The downside potential at this point is significant as another rejection of a move above the trend line could result in losses of 16.2% if PENGU drops to its nearest support area.
Despite the latest weakness that meme coins have suffered, the best ICOs are still attracting investors. This is the case for MIND of Pepe ($MIND), an AI agent token whose presale event has been widely successful since it kicked off in mid-January.
MIND of Pepe ($MIND) Raises Nearly $7M to Launch Its Powerful AI Agent
MIND of Pepe ($MIND) aims to capitalize on the early success of AI agent tokens like Luna by Virtuals and AIXBT while leveraging the popular Pepe the Frog meme to add a funny twist.
The agent is designed to engage in meaningful conversations with high-profile accounts to discuss the meme coin space and the latest developments that have impacted this category.
Once it has gained enough influence and its number of followers grows, MIND of Pepe will launch new meme coins that capture the public’s interest. $MIND holders will get exclusive access to the private sales of these digital assets to reap the highest returns once they become available to the general public.
At its discounted price of $0.0033992, MIND of Pepe ($MIND) offers significant upside potential to early buyers.
To buy $MIND, head to the MIND of Pepe website and connect your wallet. You can either swap USDT, BNB, or ETH for this token or use a bank card to make your investment.
