PENGU Jumps 16% as Exchange Reserves Shrink by More Than 400M Tokens

Pudgy Penguins' token PENGU climbed 16% on June 7 as the broader crypto market rebounded, CoinDesk reported. The memecoin segment gained 5.82% over the same period, nearly recouping the prior day's losses. Despite the price move, trading remained subdued. Total memecoin trading volume fell 40%, while PENGU's volume slid 30%. Onchain flows point to accumulation by larger wallets. Exchange balances dropped by more than 400 million PENGU, down about 7.53%, leaving 18.33 billion PENGU on exchanges. Such outflows typically suggest tokens are being moved off exchanges, easing near-term selling pressure. Wallet segmentation data also showed broader accumulation. Whale holdings increased 18.28% to 656.82 million. Nansen-tracked public-figure wallets rose 9.3% to 138.73 million. Smart Money holdings climbed to 201.63 million, and the top 100 addresses continued adding. CoinMarketCap data showed the number of PENGU holder addresses edging up to 849,880 from 849,680. Technically, the short-term bounce still needs confirmation. PENGU has regained the pullback range from its April rally and moved back above the 90% Fibonacci retracement level. RSI has pushed above 50 and is approaching 55, signaling improving momentum. Traders are now watching whether price can reclaim the Supertrend zone around $0.0071–$0.0073. Overall, the rally has been accompanied by falling exchange reserves and continued accumulation across key wallet cohorts, but without a meaningful pickup in volume, the durability of the rebound remains uncertain.