The PENGU deployer transferred 1.5 billion tokens worth 45 million USD to major exchanges, raising concerns about a potential sell-off.
Arkham revealed that the deploy wallet behind Pudgy Penguins (PENGU) transferred up to 1.5 billion tokens to major centralized exchanges, valued at approximately 45.56 million USD. This large-scale transfer has sparked debate about whether prices will plummet.
PENGU deployer's actions stir the market: Is a sell-off imminent?
Data from blockchain analytics firm Arkham Intelligence shows that the deployer of Pudgy Penguins recently transferred 1.586 billion PENGU tokens to various centralized exchanges. Despite the generally bullish market, this raised speculation about a potential sell-off.
These transfers were made through multiple Squads Vault addresses from July 11 to today, with the deployer still holding approximately 9.541 billion PENGU worth nearly 299 million USD.
Cryptocurrency observers quickly expressed their opinions on social media. Some traders suggested that now is the time to 'cut losses or hold', hinting at either taking profits or remaining loyal; while others openly warned that a market sell-off could occur. This timing is particularly sensitive due to mixed technical indicator signals. PENGU is lingering in a deeply oversold area, but the charts show a bearish momentum.
In the previous weeks, the token has been performing strongly. Pudgy Penguins earlier announced the launch of its mobile game series, marking a large-scale development of its ecosystem. Recent price trends also corroborate this background. PENGU previously soared to a high of over 0.034 USD, then consolidated around the 0.03 USD mark. Its market cap also surged to over 2 billion USD within 24 hours, with trading volume exceeding 1.75 billion USD.
After experiencing a market downturn in April, PENGU has rebounded strongly, rising eightfold from its lowest point. Now, PENGU has joined the ranks of well-known cryptocurrencies like DOGE, SHIB, and PEPE. Supporters confidently predict that PENGU's market capitalization could eventually surpass that of Shiba Inu.
What is PENGU's next plan? Insights from experts
Although PENGU's performance has been mixed, many analysts remain optimistic about its price. Notable cryptocurrency trader Honey pointed out that after doubling in a week, PENGU may enter a consolidation phase before aiming for a mid-level around 0.04 USD.
Meanwhile, cryptocurrency enthusiast Muro pointed out that PENGU's core principles, such as its rapid ecosystem development and support from major exchanges, have surpassed many traditional meme coins. This means that even though the deployer has recently transferred tokens, PENGU's solid foundation may ultimately render such actions meaningless.
In any case, the deployer's large-scale transfers have added a layer of caution. If a massive sell-off occurs, short-term volatility could spike sharply. However, if these tokens are used for liquidity, partnerships, or strategic initiatives, the long-term outlook may remain unchanged.
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