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Highlights
- Arkham Intelligence revealed the deployer wallet behind PENGU moved 1.586 billion tokens to multiple centralized exchanges.
- The large movement triggered concerns over a possible price dump, with traders split between taking profits or holding.
- Experts highlights that PENGU’s fundamentals and major exchange support outpace many older meme coins, making deployer fears less impactful.
Arkham revealed that the deployer wallet behind Pudgy Penguins (PENGU) transferred a staggering 1.5 billion tokens, worth around $45.56 million, to major centralized exchanges. This large-scale movement has ignited debate over whether a price dump could be next.
PENGU Deployer Moves Stir Market: Sell-Off Coming?
Data from Blockchain analytics firm Arkham Intelligence showed the Pudgy Penguins deployer recently transferred 1.586 billion PENGU tokens to different centralized exchanges. This has raised speculation of a potential sell-off, despite the bullish sentiment.
The transfers, routed through multiple Squads Vault addresses between July 11 and today, come as the deployer still retains roughly 9.541 billion PENGU (valued at nearly $299 million).
Crypto watchers were quick to weigh in on social media. Some traders suggested it’s time to “tp or believe,” hinting at either taking profits or staying loyal, while others warned bluntly of a potential dump. The timing is especially sensitive with technical indicators showing mixed signals. PENGU is hovering in deeply oversold territory but facing bearish momentum on the charts.
This comes after the token’s bullish past weeks. Pudgy Penguins had earlier announced the launch of the franchise’s mobile game, signaling massive ecosystem development. The recent price action paints the backdrop. PENGU had earlier skyrocketed to highs above $0.034 before consolidating near $0.03. The market cap also surged past $2 billion in 24 hours, with trading volume topping $1.75 billion.
Furthermore, the SEC’s acknowledgment of Canary’s filing for a potential PENGU ETF had fueled even greater bullish sentiment around the token. Investors are now worried that this positive trend might be at risk after the deployer made a large transfer to exchanges.
After a market drop in April, PENGU made a strong recovery, increasing eight times from its lowest point. Today, PENGU stands among well-known coins like DOGE, SHIB, and PEPE. Supporters confidently predict it could eventually surpass Shiba Inu in market value.
What’s Next for PENGU? Experts Weigh In
Despite the moves surrounding PENGU, many analysts have remained bullish. Popular Crypto trader Honey notes that after doubling in a week, PENGU could consolidate before aiming for mid-$0.04 levels.
Meanwhile, Muro, a cryptocurrency enthusiast, points out that PENGU’s core principles, such as its quick ecosystem growth and support from significant exchanges, are already outperforming a lot of legacy meme coins. This implies that even though the deployer has recently transferred tokens, PENGU’s solid foundation may eventually make such actions moot.
Regardless, the deployer’s massive transfers add a layer of caution. If large amounts are sold, short-term volatility could spike sharply. But if these tokens are for liquidity, partnerships, or strategic moves, the longer-term outlook could remain intact.
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