Last night, I was bored and casually hopped on the $PENGU train. Luckily, I managed to recover the losses from the void hedge. After some thought, here are my perspectives on the long and short sides👇
Bullish View
One way to value Memes is to find benchmarks. With the ETF news coming out and major institutions changing their avatars to Pudgy Penguin, the penguin has become a representative mascot of crypto, and we can initially benchmark it to $5B like $PEPE.
Bearish View
1. The total market cap of the penguin's NFTs is around $3B. If the market adds the NFT and token market caps together, there is no upward space left.
2. Binance's spot K-line is extremely overbought, making it difficult to break through in the short term.
3. The contracts have not formed conditions for a short squeeze, and the funding rate remains positive.
most mentioned ticker in the last hour: $PENGU
$PENGU is experiencing a strong uptrend, breaking above $0.028 with increasing volume, suggesting bullish momentum. The RSI is in overbought territory, indicating potential for a pullback or consolidation. MACD shows a bullish crossover, reinforcing the upward movement.
21.46K
8
The content on this page is provided by third parties. Unless otherwise stated, OKX is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.