PENGU, the token behind Pudgy Penguins, fell about over 6% in the last 24 hours after its deployer moved a huge amount of tokens. This shook investor confidence and pushed the price lower.
Between July 11 and 17, the deployer sent a total of 1.586 billion PENGU tokens, worth about $45.6 million, to major centralized exchanges, as per Arkham data. The deployer still holds 9.541 billion PENGU, valued at roughly $289 million.
This token is part of the Pudgy Penguins brand, a web3 entertainment project that started as an NFT collection. The PENGU token launched on Solana in mid‑2025 and quickly gained traction, especially after talks of a PENGU ETF and big exchange listing moves.
Most of the token transfer went to well‑known exchanges like Binance, Bybit, KuCoin, Gate, and Bitget, crate-stacked in multiple Squads Vault wallets. However, such moves are usually indicative of a plan to sell or increase available supply.
The wider market has already seen big interest in PENGU. South Korean platforms Bithumb and Upbit bought nearly 945 million tokens, about $32 million, sparking a 27% price jump. The recent deployer actions may slow that momentum.
PENGU’s price jumped recently following the surge of cryptocurrency like Bitcoin. It climbed over 100% this past week thanks to ETF hopes and exchange listings. But the token is now trading at around $0.03, down over 6% in the last 24 hours.
When the official wallet address of a token sends such a huge amount to exchanges, people get worried. They think the owner might sell everything, which can make the price drop more.
There’s still hope as the owner still has most of the tokens. Big buys on exchanges also show real interest. If the owner is just helping with trading and not trying to sell, it might not hurt the price, and could even keep things steady. Still, traders are watching the wallet closely.
Also Read: Bitcoin OG Whale to Sell Remaining BTC, James Wynn Opens 40X Short
