Pudgy Penguins Price Drop: On-Chain Insights Reveal More Than Meets the Eye

The crypto market has been volatile lately, and the Pudgy Penguins (PENGU) token hasn’t escaped the downturn. PENGU prices have dropped by around 20% in the last five days, currently hovering around $0.018. While this decline looks typical for a bearish market, analyst Gerhard from Bitcoin Strategy argues that surface-level observations don’t capture the full story behind the token’s performance. His deep dive into PENGU’s on-chain data reveals that the token behaves differently than many meme coins.