The Pudgy Penguins token experiences a sharp decline as insiders transfer millions to centralized exchanges, raising concerns over potential dumping.
The price of PENGU, the native token of the Pudgy Penguins ecosystem, fell 15% following a significant transfer of 150 million tokens to Binance from an insider-linked wallet. This marks the latest in a series of substantial transfers totaling 485 million PENGU tokens since July, valued at approximately $17.67 million. Concerns over insider dumping have escalated, especially as the deployer wallet still holds over 9.5 billion PENGU tokens. The token has struggled recently, dropping 14.7% over the past week and trading around $0.0355, despite a previous surge of over 230% in late June.