PENGU Price Plunges 15% as Pudgy Penguins Insiders Offloads Another $5.6M
Main Idea
The PENGU token's price dropped due to insider transfers and selling pressure, despite recent ecosystem expansions and institutional interest.
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.
Description
The price of PENGU, the native token of the Pudgy Penguins ecosystem, fell 15% today following another major transfer to a centralized exchange from a wallet tied to the project’s insiders. On-chain data shows that the address 8hQvQ…zund8, widely believed to be controlled by members of the Pudgy Penguins team, deposited 150 million PENGU tokens to Binance, valued at approximately $5.64 million at the time of the transaction. . $PENGU 8hQvQ…zund8 #Binance 1.5 PENGU 564 2024.12 PENGU 13.5 ...
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