Only 21% Chance Pengu Will Hit $0.05 by November: Will Traders Be Wrong?

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 Pengu just a 21% chance of surpassing $0.05 by November 30. This marks a 4% decline from previous market sentiment.

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 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 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.

Martinez’s commentary coincides with a major announcement: Igloo Inc., the team behind Pudgy Penguins, has 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.