This article organizes the centralized exchange data and on-chain holdings of the PENGU token, revealing several key reasons for the token's recent 80% increase.
Author: ah kek, Dune Analytics
Translation: Tim, PANews
I spent a whole month organizing the centralized exchange data and on-chain holdings of the PENGU token, and I have automated the data updates.
Do you know why PENGU rose 80% this week?
I developed a dedicated PENGU dashboard, providing unparalleled real-time insights and transparent data at your fingertips.
1. Comprehensive Growth in Buy and Sell Orders Across Major Order Books
I analyzed historical order book data from Binance, OKX, and Gate, and over the past 30 days, the net buy-sell spread in the market has increased by 80%, with buy orders in the order book continuously rising.
Additionally, the sell wall has decreased by 18%, indicating reduced selling pressure.
2. Continued Dominance of Buy Orders on Centralized Exchanges
According to data from the three major exchanges, there has been a consistent phenomenon over the past 30 days: the number of buy walls significantly exceeds the number of sell walls.
This indicates sustained buying momentum, showing that buyers have strong confidence.
3. Surge in Trading Volume on June 28
Looking at the data specifically, the net buying amount on June 28 reached as high as $24 million.
The massive surge in buying activity could be a catalyst for the current upward trend.
4. Holdings on CEX and DEX
The holdings on centralized exchanges have decreased by 24%, a significant change indicating that users are transferring assets to self-custody wallets, which is a bullish signal on-chain.
At the same time, the holdings on decentralized exchanges have seen a slight decline, possibly due to position consolidation or funds being moved to cold wallets.
5. Individual and Whale Accumulation Patterns
Now introducing a key feature: you can accurately see who is increasing their holdings of PENGU.
The most eye-catching operation? The user traderpow just splurged a huge amount to buy 94 million PENGU, which is simply a crazy bullish move.
I put in a lot of effort to ensure the numbers are accurate, making all content neat, clear, and easy to understand.
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