Sell orders sharply decline, whales buy consecutively—data reveals the secrets behind PENGU's surge
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Sell orders sharply decline, whales buy consecutively—data reveals the secrets behind PENGU's surge
This article compiles data on PENGU token holdings from centralized exchanges and on-chain positions, revealing several key reasons behind the token's recent 80% price surge.
Navigating Web3 tides with focused insightsAuthor: ah kek, Dune Analytics
Translation: Tim, PANews
I spent an entire month compiling PENGU token data from centralized exchanges and on-chain holdings, and have now automated the data updates.
Do you know why PENGU surged 80% this week?
I've developed a dedicated PENGU dashboard—unparalleled real-time insights and transparent data at your fingertips.
1. Buy and sell orders growing across all order books
I analyzed historical order book data from Binance, OKX, and Gate. Over the past 30 days, the net bid-ask spread in the market has increased by 80%, with buy-side orders consistently rising.
In addition, sell walls have dropped by 18%, indicating reduced selling pressure.
2. Buy-side dominance continues on centralized exchanges
Data from the three major exchanges shows a consistent trend over the past 30 days: the number of buy walls clearly exceeds sell walls.
This reflects sustained buying momentum, signaling strong confidence among buyers.
3. Trading volume spikes on June 28
Looking at the specific numbers, net buy volume reached as high as $24 million on June 28.
This massive surge in buying activity may have acted as the catalyst for the current price rally.
4. CEX vs. DEX wallet holdings
Holdings on centralized exchanges have dropped by 24%. This significant shift suggests users are moving assets to self-custody wallets—a bullish signal on-chain.
Meanwhile, holdings on decentralized exchanges saw a slight decline, possibly due to position consolidation or transfers to cold wallets.
5. Individual and whale accumulation patterns
Now for the key feature: you can precisely see who is increasing their PENGU holdings.
The most eye-catching move? User traderpow just made a massive purchase of 94 million PENGU tokens—an extremely bullish bet.
I've put considerable effort into ensuring accuracy, clarity, and visual cleanliness across all content.
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