- Polymarket shows a 21% chance that Pengu will exceed $0.05 by November 30.
- The probability has decreased by 4% in recent days.
- Traders can buy predictions for either “Yes” or “No” at varying prices.
As of October 20, Polymarket traders have shown decreasing optimism about Pengu’s price potential. The market now suggests only a slight chance that the cryptocurrency will rise above the $0.05 mark by the end of November.
Specifically, market participants on Polymarket give Pengu just a 21% chance of surpassing $0.05 by November 30. This marks a 4% decline from previous market sentiment.
Related: Meme Coins Ignite: DOGE, SHIB, and PENGU Primed for Takeoff as Bitcoin Breaks Out
Trading Options and Market Activity
Traders on Polymarket can place bets on either “Yes” or “No” outcomes. A “Yes” bet, speculating that Pengu will rise above $0.05, is currently priced at 34 cents. In contrast, a “No” bet, predicting the price will stay below $0.05, costs 92 cents.
This price imbalance suggests that traders are leaning heavily toward a bearish outlook in the short term.
Pengu Current Market Analysis
Pengu is currently trading at $0.02278, a 5.5% increase over the past 24 hours, but still 11.7% below its weekly high. Despite the recent dip, analyst Ali Martinez remains optimistic, emphasizing that the Pengu team continues to build regardless of market conditions, with a strong focus on long-term fundamentals.
In his latest analysis, Martinez noted that if the token can close above the $0.026 level, it could gain enough momentum to push toward $0.035 in the short term.
Interestingly, the TD Sequential indicator is currently flashing buy signals, pointing to a possible bullish reversal in the coming days. A green arrow on the chart suggests the potential for upward movement, leaving the technical outlook cautiously optimistic.
Igloo Inc. Partners with Invariant to Bring PENGU to Washington D.C.
Martinez’s commentary coincides with a major announcement: Igloo Inc., the team behind Pudgy Penguins, has partnered with Invariant, a bipartisan public affairs and lobbying firm, to expand Pengu’s presence in Washington, D.C.
The collaboration aims to engage U.S. policymakers and help shape the future of cryptocurrency regulation. Over the past year, Igloo has actively worked with members of Congress to promote crypto adoption. With Invariant’s support, these efforts are expected to gain further momentum.
Related: Pudgy Penguins Lead NFT Culture Shift, PENGU Token Hits Major Milestone
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
