The PENGU deployer wallet moved 1.5 billion tokens through vaults to centralized exchanges between July 11 and July 17.
Despite the transfer, the deployer still holds over 9.5 billion PENGU tokens valued at nearly $299 million.
PENGU remains under bullish watch as ecosystem growth and ETF filing continue to drive investor confidence.
The deployer wallet behind the Pudgy Penguins (PENGU) token transferred 1.586 billion tokens to centralized exchanges this week. Blockchain analytics firm Arkham Intelligence confirmed the transaction, valued at approximately $45.56 million. These movements passed through multiple Squads Vault addresses between July 11 and July 17.
Despite the substantial outflow, the deployer continues to hold nearly 9.541 billion PENGU tokens. These remaining holdings are estimated to be worth close to $299 million at current market prices. The timing of these transfers has raised questions across trading communities, given the token’s recent rally.
Market Sentiment Faces New Pressure
PENGU had recently shown strong performance, rebounding from a market dip in April and gaining nearly eightfold since its lowest point. It reached highs above $0.034 before consolidating near $0.03. Trading volume surged to over $1.75 billion within 24 hours, helping its market cap surpass $2 billion during the recent climb.
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The large-scale movement of tokens has sparked widespread discussions among traders. Some suggested the market may see increased volatility, while others pointed to ongoing ecosystem growth as a stabilizing factor.
Token Launch and ETF News Add to Recent Optimism
The Pudgy Penguins franchise recently launched a mobile game, adding momentum to the broader ecosystem. Additionally, the U.S. SEC acknowledged a filing by Canary for a potential PENGU ETF, which has added optimism among investors in recent weeks.
PENGU currently trades in oversold territory, but momentum has shifted bearish according to recent chart indicators. This technical positioning adds complexity to market predictions amid the large token transfers.
While the deployer’s move raised concerns about a possible short-term sell-off, several analysts believe the project’s strong backing from major exchanges and recent product launches could offset any downward pressure.
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