PENGU has seen a sharp uptick in price, rising by 34% in the last 24 hours, reaching a multi-week high and nearing its May highs.
This surge is driven by a major development for Pudgy Penguins, sparking a bullish reaction from both holders and whales. The growing momentum is setting the stage for further growth.
Pudgy Penguins Whales Are Accumulating
Whales are actively accumulating PENGU to capitalize on its recent price rise. In just the last 24 hours, over 200 million PENGU, worth more than $2.4 million, were purchased by investors holding over $1 million worth of tokens. This significant accumulation is likely to help sustain the recent price rally.
With whales betting on further price growth, the buying pressure is expected to continue. As large holders accumulate PENGU, their actions help drive the market sentiment in a bullish direction, attracting smaller investors to follow suit.
This dynamic could play a crucial role in maintaining the meme coin’s upward momentum.
The overall macro momentum for PENGU shows strong bullish signals, with key technical indicators supporting the positive outlook.
The Relative Strength Index (RSI) is currently in the bullish zone, above the neutral mark, indicating a strong upward trend for the token. This is the highest level for the RSI in recent weeks, further confirming the altcoin’s bullish behavior.
The filing of the Canary PENGU ETF with the SEC has been a surprise for the community, adding significant weight to PENGU’s bullish outlook. The first-ever PENGU ETF and it could act as an additional catalyst for price movement.
The PENGU price has risen nearly 30% in the past 24 hours, and the token is currently trading near $0.0134. The token is facing resistance around the $0.014 level.
This area previously acted as support before the sharp sell-off, and now it’s being tested from below, indicating potential resistance.
Suppose PENGU manages to break above the $0.01350 resistance with strong volume. In that case, the next key level to watch is around $0.01370–$0.01375, which is the next visible support-turned-resistance zone from earlier price consolidation.
A successful move through that range could open the path back toward $0.01400, where prior supply clusters exist.
Conversely, failure to sustain $0.01350 could result in a retest of the demand zone.
If sellers regain control and break below $0.01335, PENGU risks dropping further to the next demand area near $0.0129, where the previous bounce began.
This would signal ongoing bearish pressure and lack of bullish commitment.
Bitcoin investors are currently holding an estimated $1.2 trillion in unrealized profits, according to on-chain analytics platform Glassnode.
This significant figure highlights the paper gains accumulated by long-term holders as Bitcoin continues to trade close to its record highs.
Bitcoin Investor Base Shifts From Traders to Long-Term Institutional Allocators
Glassnode data reveals that the average unrealized profit per investor stands at around 125%, which is lower than the 180% seen in March 2024, when the BTC price reached a peak of $73,000.
This starkly contrasts previous price surges, when realized gains surged to between $2.8 billion and $3.2 billion at BTC price points of $73,000 and $107,000, respectively.
Moreover, current market sentiment suggests that investors are waiting for a more decisive price movement before adjusting their upward or downward positions. The trend points to firm conviction among long-term holders, with accumulation continuing to outweigh selling pressure.
“This underscores that HODLing remains the dominant market behavior amongst investors, with accumulation and maturation flows significantly outweighing distribution pressures,” Glassnode stated.
Meanwhile, Bitcoin analyst Rezo noted that the current trend reflects a fundamental shift in the significantly evolved profile of Bitcoin holders. According to him, the typical BTC holder has shifted from short-term speculative traders to long-term institutional investors and allocators.
Rezo pointed to the increasing influence of institutional players such as ETFs and public companies like Strategy (formerly MicroStrategy).
“The holder base has changed – from traders seeking exit to allocators seeking exposure. MicroStrategy, sitting on tens of billions in unrealized gains, keeps adding. ETFs = constant bid, not swing traders,” he said.
Notably, public companies like Strategy increased their Bitcoin holdings by 18% in Q2, while ETF exposure to Bitcoin climbed by 8% in the same period.
Bitcoin Flows For ETFs and Public Companies. Source: CNBC
Considering this, Rezo concluded that most short-term sellers likely exited between $70,000 and $100,000. He added that what remains are investors who treat Bitcoin less as a speculative trade and more as a strategic long-term allocation.
The Middle East and North Africa (MENA) region is quickly becoming a notable force in the push for global crypto adoption. With growing participation from institutions and enterprises and supportive regulations for Web3 technology, MENA is set to expand its impact.
BeInCrypto interviewed Stephan Apel, CEO of Outlier Ventures, to explore the characteristics of these tech-driven economies and their anticipated innovations.
Web3 Adoption and Market Growth
MENA has emerged as a significant center for Web3 development, facilitated by a combination of demographic, technological, and cultural factors. The region’s entrepreneurial spirit has also fostered an environment conducive to the adoption of decentralized technologies.
“The MENA market has set a standard for adopting next-gen technologies and using them to boost their economic transformation. This is especially true for Web3 technologies— the region recognised their potential early on, offering the resources needed for these projects to scale and thrive on both regional and global levels,” Apel told BeInCrypto.
Consequently, the region is witnessing an increase in startups, investors, and developers exploring Web3 and its diverse applications.
A 2024 Chainalysis report revealed that MENA was the seventh biggest crypto market worldwide. From July 2023 to June 2024, the region saw $338.7 billion in online crypto transactions, representing 7.5% of all crypto transactions globally.
Share of all cryptocurrency transaction value by region. Source: Chainalysis.
Notably, Turkey and Morocco ranked among the top 30 countries globally in crypto adoption. Turkey secured the 11th spot, while Morocco ranked 27th. These nations alone accounted for $137 billion and $12.7 billion in received cryptocurrency value, respectively.
Furthermore, the MENA region’s crypto activity is predominantly driven by institutional and professional players, as a substantial 93% of all value transferred involves transactions exceeding $10,000.
Meanwhile, Gulf Corporation Council (GCC) members have distinguished themselves through their ambitious technological initiatives.
MENA’s Strategic Shift Towards AI
The onset of artificial intelligence (AI) has prompted governments and businesses within the Middle East to acknowledge the global trend towards related advanced technologies. Countries like Qatar, Saudi Arabia, and the United Arab Emirates (UAE) are considering their strategic position concerning this technological transformation.
According to a report by PricewaterhouseCoopers (PwC), AI could contribute up to $15.7 trillion to the global economy in 2030. The consulting firm predicts that the Middle East will bring 2% of the total global benefits, equal to $320 billion.
MENA’s pioneering role in AI development. Source: PwC.
The PwC report also indicates that Saudi Arabia will see the largest absolute gains from AI by 2030, with an estimated US$135.2 billion added to its economy, or 12.4% of GDP. In terms of GDP percentage, however, the UAE is expected to see the greatest impact, approaching 14% of its 2030 GDP. Meanwhile, for GCC states Bahrain, Kuwait, Oman, and Qatar, AI is expected to contribute 8.2% of their GDP.
Given the region’s latest initiatives and investments in AI innovation, these numbers come as no surprise.
Saudi Arabia’s AI Development Initiatives
In 2016, the Saudi Arabian government launched Vision 2030, a program to promote economic, social, and cultural diversification. Integral to this vision is a strategic shift towards artificial intelligence and data-driven innovation, a key component of the nation’s economic diversification efforts.
Saudi Arabia is making notable advancements in AI. The country aims to reduce its reliance on oil by developing advanced technology sectors through targeted investments, infrastructure development, and workforce training.
“Fueled by its Vision 2030 initiative, Saudi Arabia has already created a thriving startup ecosystem, dedicated significant investment in emerging technologies,and designed policies to attract global talent and entrepreneurship,” Apel told BeInCrypto.
The Saudi Data and Artificial Intelligence Authority (SDAIA) spearheads Saudi Arabia’s push into artificial intelligence, shaping and implementing the country’s national data and AI strategy. The National Data Bank is a cornerstone of their efforts. It is designed as a central hub for data access and analysis, facilitating AI applications across public and private sectors.
Last November, Saudi Arabia also unveiled Project Transcendence. The $100 billion investment initiative focuses on accelerating the integration of AI and advanced technologies.
Similar to its neighbor, the UAE has actively pursued AI adoption.
UAE’s AI Strategy and Investments
In 2017, the UAE launched its National Strategy for Artificial Intelligence, which aims to make the country a global leader in the field by 2031. The UAE AI and Blockchain Council oversees this strategy, which impacts sectors like education, energy, and tourism.
The UAE is already reaping the benefits of its AI initiatives. In April, Microsoft announced a $1.5 billion investment in G42, an Abu Dhabi-based technology holding company. G42 is known for its data centers and the development of Jais, a leading Arabic-language AI model.
In September, G42 and Nvidia partnered to create AI-driven solutions for improved weather forecasting. The collaboration aims to advance climate-related technologies by using Nvidia’s Earth-2 platform, which enables AI-augmented climate and weather simulations.
Three months later, Abu Dhabi-based global technological ecosystem Hub71 partnered with Google to boost startup growth in the UAE. This collaboration will bring Google’s “Google for Startups” program to Abu Dhabi, including a dedicated accelerator for Hub71 startups in 2025.
He also drew attention to the planned convergence of AI and Web3 technologies in these prominent regions.
Convergence of AI, Web3, and IoT
Integrating the Internet of Things (IoT), blockchain, and AI technologies is gaining traction among businesses in the Middle East. By combining these technologies, organizations can access new avenues for growth, increase efficiency, and create novel user experiences.
In 2018, the Dubai Airport Freezone Authority launched Dubai Blink, a platform that integrates AI, blockchain, and virtual licenses to facilitate global trade. This system enhances supply chain innovation through ‘smart commerce’ by expediting trade with a unified online platform. Furthermore, it addressed the cumbersome process of supplier identification by using AI algorithms to streamline and accelerate the validation process.
Ultimately, MENA’s proactive approach to technological advancement, coupled with its strategic focus on Web3 and AI, signals a future where the region will be a pivotal architect in shaping the digital economy.
The crypto market’s volatility continues, compounded by the absence of bullish signals from broader financial markets. While altcoins are becoming less dependent on external developments, they are increasingly relying on internal network progress to drive price movement.
BeInCrypto has analyzed three altcoins to watch, focusing on whether key events could trigger a price shift in the third week of April.
Filecoin (FIL)
FIL price has bounced off the support of $2.26, currently trading at $2.50. This rebound follows the altcoin’s 27% decline at the end of March, and traders are anticipating a recovery. The support level of $2.26 has proven crucial in halting further losses and enabling a potential uptrend.
Upcoming developments, such as the FIP 0097 proposal, could further boost FIL’s price. The transition to FEVM supporting transient storage and aligning with Ethereum’s EIP-1153 promises cleaner contracts, lower costs, and better compatibility. These improvements could drive FIL past the $2.63 resistance level, potentially reaching $2.99.
If FIL fails to break through the $2.63 barrier, the altcoin may fall back to $2.26. Losing this key support would invalidate the bullish outlook, risking a further drop to $2.00. Investors will closely monitor these levels for signs of a reversal or continued decline.
EigenLayer (EIGEN)
Another one of the key altcoins to watch before April ends, the EIGEN price is poised to breach the $0.86 resistance this week, driven by the upcoming Slashing upgrade. The upgrade will introduce a free marketplace where Operators can earn rewards for their work, and AVSs can launch verifiable services.
If EIGEN capitalizes on the momentum from the Slashing upgrade, it could surpass the $0.86 and $0.92 resistance levels. With continued upward movement, the altcoin could reach $1.00 and beyond. Investors are closely monitoring the effects of this update on price performance.
However, if EIGEN fails to breach $0.86, the price may fall back to the support level of $0.69. This would invalidate the bullish outlook and delay the recovery from the 41.5% losses incurred at the end of March.
OFFICIAL TRUMP (TRUMP)
TRUMP price recently hit an all-time low of $7.14 but has since recovered to $8.33. Despite this recovery, the likelihood of a continued rally is uncertain due to the upcoming token unlock on April 18. This event could create additional selling pressure on the altcoin in the coming days.
The first token unlock in three months, set to release 40 million TRUMP worth $331 million, will flood the market. This unlock will also initiate the daily release of 492,000 TRUMP tokens. Investors are concerned that this increased supply may further weigh on the price.
The surge in supply could prove bearish for TRUMP, which is already facing low demand. This may push the price back down to $7.14 or lower, potentially creating a new all-time low. However, if the price breaches $9.11, the bearish outlook would be invalidated, and recovery could occur.
