Pudgy Penguins (PENGU) falls 11% as derivatives outflows rise but bulls increase exposure

Pudgy Penguins (PENGU) has dropped 11%, marking the steepest 24‑hour loss among the top 100 cryptocurrencies as capital exits its derivatives market. Despite a 19% decline in Open Interest and nearly $1 million in long liquidations, funding and Long/Short data on Binance and spot inflows suggest investors are still positioning for a potential rebound.