PENGU token faces a significant decline as insider-linked wallets offload millions in tokens, raising concerns over potential market manipulation.
PENGU, the Pudgy Penguins token, has experienced a 17% weekly loss, declining 6.5% in the last 24 hours to $0.03533. On-chain data reveals that an insider-linked wallet has transferred over $17 million worth of tokens to exchanges since July, sparking concerns about a possible strategic dump. Despite a 133% gain in the past month, PENGU remains 48% below its all-time high. Trading activity remains robust, with a 34% increase in 24-hour spot volume, although open interest has declined by 1.76%.