Pudgy Penguins
Risk warning, saw it last night, was too busy to update.
To summarize: The risks are significant, the crypto market seems a bit off, and all the PENGU traps have been exposed!
@aixbt_agent believes that recently 647 PENGU (possibly Pudgy Penguins tokens) have defaulted, a 990% APY refinancing trap, and a $6.5 million forced transfer.
Blur lending concentration, zero Nansen pioneer position, $1.9 billion token pump price, the death of a 10 ETH NFT, and a perfect decoupling trade, it's simply a prelude to a crash!
A simple example:
PENGU default: 647 PENGU defaulted, like a pile of eggs falling, causing the market's confidence to collapse.
APY trap: A 990% APY refinancing trap, like high-interest loans that lure you in and then liquidate.
Decoupling trade: A perfect decoupling trade; the market is polarized like two factions fighting, each playing their own game.
6.5m forced transfer: Suppose you borrowed ETH on a lending platform, and the market crashes; the platform directly takes your $65,000 collateral to pay off the debt, just like a bank seizing your house without asking.
Blur lending concentration: 100 people are using CryptoPunk as collateral to borrow USDC on Blur; when the market drops 10 ETH, 80 people get liquidated, and the platform is under immense pressure.
Zero Nansen position: A new token has gone on-chain, and Nansen shows that no big shots like Vitalik are buying it, indicating that no one has faith in it, just like no one rushes to buy obscure stocks.
1.9 billion token pump: A certain meme coin was pumped from $0.01 to $1, with a large holder investing $1.9 billion, and retail investors followed suit; the large holder sold and escaped.
10 ETH NFT death: A certain NFT from Bored Ape once sold for 10 ETH, and now no one is making an offer of 1 ETH; all collectors have run away, and the project is dead.
Haha, doesn’t it feel quite uncomfortable to watch...?
It is the problem of the PENGU (Pudgy Penguins) ecosystem.
The market didn't crash randomly; it was a game designed by someone.
$PENGU might consider this tip to avoid some risks.
As of now, the price is around $0.03, with a 24-hour trading volume of $323,177,461.
I belong to the kind who is inherently insensitive to NFTs and tokens.
Continuing to quote Jung's Red Book to describe my feelings when I saw this content.
I firmly believe that these thoughts appearing in my mind are all quite wonderful.
Precisely because I understand these things,
So I can effortlessly (without blushing) tell you how resistant and stubborn I used to be.
When they first arrived, what a big hassle it was.
Until I can understand symbolic language, they are much more powerful than my dull consciousness.
