PENGU Price Plunges 15% as Pudgy Penguins Insiders Offloads Another $5.6M

Key Points

1. The PENGU token price fell 15% after an insider-linked wallet transferred 150 million tokens ($5.64M) to Binance, adding to concerns over insider dumping.

2. Since July, insider-linked wallets have moved 485 million PENGU tokens ($17.67M) to exchanges, contributing to a 14.5% price decline over seven days.

3. Despite the sell-off, the project has seen institutional interest, with whale wallets accumulating $200M in PENGU, and speculation around a potential PENGU ETF.

4. PENGU's ecosystem expanded with partnerships (NASCAR, Lufthansa), a Web3 game launch, and listings on 130+ exchanges, reaching over 500M users.

5. Technical analysis suggests potential for a rebound, with key resistance at $0.040 and support at $0.028, but macro uncertainty and selling pressure remain risks.