《Are the Penguins Starting to Cash Out Like Crazy?》

In the past month, the Penguins have really been in the spotlight, and everyone has been supportive by changing their avatars. But I'm still quite puzzled as to why the recent rise of $Pengu has started to lose momentum, given how good the sentiment towards copycats is.

I went on-chain to investigate and found out that, wow, @pudgypenguins, this big-eyed guy, has been frantically offloading through CEX over the past 4 days while everyone was in high spirits. I counted, and in just 4 days, they managed to sell over 40M.

Could this be the perfect illustration of 'selling when the crowd is at its loudest'?

Just 6 hours and 13 hours ago, they transferred tokens to several CEXs including Coinbase, OKX, Bybit, Kucoin, and others twice, each time with 3M tokens.

Currently, there is still $1.11 billion worth of $Pengu in their wallet. I wonder if applying for an ETF is quite costly, hence the rush 🤣🤣🤣

We can observe whether the selling will continue. Portal: