$PENGU Abrupt decline due to insider sales

In recent days, addresses linked to the Pudgy Penguins team transferred large volumes of tokens to centralized exchanges. The last three days alone included:

A total of ~206.9 million PENGU (~USD 8.9 million) on July 28, 2025.

A drop of ~15% in price over 24 hours following an additional sale of ~150 million tokens (~USD 5.6M).

Since July, these transfers total more than 485 million tokens, equivalent to about USD 66 million, generating fears of dumping and continuous selling pressure.

2. Prices and key levels

Current price: between USD 0.033–0.035. It has lost between 14%–22% in the last 7 days, leaving the token ~51% below its all-time high (~USD 0.069 in mid-December 2024).

Estimated supports: USD 0.028–0.033. Technical resistances: USD 0.040 and 0.050.

3. Institutional context and ETF risk

In June 2025, Canary Capital submitted a proposal for an ETF to the SEC —possibly the first fund that would include 80–95% of PENGU and 5–15% in Pudgy Penguins NFTs— which represents a controversial evolution of the traditional market towards crypto and NFTs.

However, critics warn about the high volatility, uncertain valuation of tokens, and the challenge of liquidating NFTs in an ETF fund, casting doubt on the product's viability.