Pudgy Penguins Deployer Moves 1.5B PENGU to Exchanges. Is a Dump Ahead?

Pudgy Penguins Deployer Moves 1.5B PENGU to Exchanges. Is a Dump Ahead?

Arkham discovered that the deployer wallet behind Pudgy Penguins (PENGU) sent an astounding 1.5 billion tokens to large centralized exchanges, totaling around $45.56 million. This large-scale shift has sparked debate over whether a price drop is next.

According to data from blockchain analytics firm Arkham Intelligence, the Pudgy Penguins deployer recently moved 1.586 billion PENGU coins to several controlled markets. Despite the positive atmosphere, this has fueled rumors of a possible sell-off.

The transactions, which took place between July 11 and today, occurred when the deployer still held around 9.541 billion PENGU (worth over $299 million).

Crypto observers were quick to respond on social media. Some traders advised it’s time to “tp or believe,” implying either collecting gains or remaining faithful, while others warned of a looming drop. The timing is particularly critical, with technical indicators displaying conflicting indications. PENGU is in a severely oversold area, yet the charts show negative momentum.

This follows the token’s positive recent weeks. Pudgy Penguins has already announced the introduction of the franchise’s mobile game, indicating significant ecosystem growth. The recent price activity provides the backdrop. In the past, PENGU has risen to highs of above $0.034 before leveling out at $0.03.  Over a day, the market capitalization and trading volume both reached $2 billion and $1.75 billion, respectively.

 Additionally, the SEC’s approval of Canary’s application for a potential PENGU ETF stoked even more hopeful interest in the currency.  Investors fear that this positive trend may be threatened by the deployer’s significant shift to exchanges.

Following a market dip in April, PENGU recovered well, rising eight times from its low point. Today, PENGU sits among well-known coins like as DOGE, SHIB, and PEPE. Supporters are sure that it will ultimately outperform the Shiba Inu in market value.

What’s Next for PENGU?

Despite the developments surrounding PENGU, many observers have remained optimistic. Popular cryptocurrency trader Honey believes that after tripling in a week, PENGU may stabilize before reaching mid-$0.04 levels.

Meanwhile, Muro, a cryptocurrency aficionado, notes that PENGU’s essential principles, such as rapid ecosystem expansion and backing from major exchanges, have already outperformed several traditional meme currencies. This suggests that, even if the deployer has recently moved tokens, PENGU’s sturdy basis may someday render such activities unnecessary.

Regardless, the deployer’s large transfers add an extra element of care. If big sums are sold, short-term volatility may rise sharply. However, if these tokens are used for liquidity, collaborations, or strategic actions, the long-term picture may stay unchanged.

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