In recent weeks, the Pudgy Penguins project team has transferred about 2.1 billion PENGU tokens to centralized exchanges for a total of approximately $66.6 million. Just on Monday, July 28, a transfer of 206.9 million PENGU worth about $8.9 million was made.
According to experts, such a large-scale movement of tokens within the team may signal potential liquidation and price drops, especially against the backdrop of the impressive growth of the token, which has risen by 240% over the month.
Another alarming fact for the PENGU community was the activation of scammers who began using various schemes to deceive token holders. For example, fake websites were discovered that posed as the official Pudgy Penguins page and were often spread through malicious advertising.
The excitement around PENGU was largely driven by social media buzz rather than any significant events. For example, the cryptocurrency exchange Coinbase changed its avatar to an NFT depicting chubby penguins, and that was enough for the token price to rise by about 60%.
Shortly before this, the U.S. Securities and Exchange Commission (SEC) processed new applications, including an application from Cboe for permission to trade the PENGU-ETF from Canary Capital, which was submitted back in March.
