PENGU Skyrockets Past DOGE on Upbit as Price Targets $0.052 Breakout

PENGU Surpasses DOGE in Volume as Korean Traders Fuel Rally

• Breakout pattern eyes $0.052 after reaching a new all-time high.
• Open interest surges 54%, indicating robust bullish momentum.

Pudgy Penguins (PENGU) has experienced significant upward momentum, outperforming Dogecoin (DOGE) in trading volume on Upbit. The meme coin reached a new all-time high (ATH) of $0.0455 before a slight pullback to $0.044.

According to @ali_charts, PENGU appears poised for another surge, with $0.052 identified as the next key target. The breakout from an ascending triangle pattern further reinforces bullish sentiment and increases investor confidence.

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Source: @ali_charts

Trading volume has soared as Korean traders shift their focus from DOGE to the rapidly rising PENGU. Upbit, South Korea's largest exchange, has recently seen higher PENGU trading volume compared to DOGE.

This shift indicates a change in trader preferences, with many now targeting newer meme coins exhibiting rapid momentum. The bullish structure observed on lower timeframe charts is supported by strong price action and increased volume.

Furthermore, derivatives market data suggests high activity and strong market interest in PENGU. Coinglass data reveals a 54% surge in open interest within just 48 hours, climbing from $426 million to $657 million.

Source: Coinglass

Favorable funding rates continue to indicate a dominance of long positions, reflecting a bullish outlook across major platforms. This suggests that traders anticipate further price appreciation in the short term.

Korean Traders Driving PENGU’s Ascent as Market Awaits New Price Milestones

Korean traders are spearheading the rally as PENGU gains traction on their preferred trading platforms. The growing interest in meme coins and compelling narratives surrounding newer projects could explain the trend of moving away from DOGE in favor of PENGU.

The current chart configuration suggests a clear breakout from consolidation, which is typically a bullish signal in technical analysis. The breakout is confirmed by increased volume, reinforcing interest and supporting the price's move towards the $0.052 level.

Investor behavior on Upbit indicates continued upward potential, with both technical and volume indicators suggesting optimism. Surpassing DOGE is seen as a significant milestone, positioning PENGU as a serious contender in the meme coin space.

Source: Lookonchain

Continued growth in trading activity and volume in the coming days could further fuel this momentum. Traders are closely monitoring whether PENGU can break through the $0.046 resistance and advance towards $0.052.

For now, PENGU remains a focal point, with its rise underpinned by strong market signals and community engagement. The attention from Korean markets may continue to drive further price growth and increased global visibility.