$PENGU Token Faces Massive Sell-off, $8.74M Sold So Far

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As a seasoned researcher with years of experience in the cryptocurrency market, I find this sudden surge in selling activity concerning. The massive dumping of $PENGU tokens, particularly from a key wallet, could potentially have significant implications for the project’s stability and the overall market sentiment.

Currently, there’s a substantial volume of selling for the Pudgy Penguins’s $PENGU token, with many early investors and linked wallets contributing to this trend.

Based on the information given on X, a grand total of $8.74 million in PENGU tokens have been sold thus far. Many of these tokens appear to have been quickly offloaded onto the blockchain, which could influence their price and potentially affect the overall health of the project.

A significant number of 888 million tokens were sent to a crucial digital wallet, labeled HoTdB…YL8YZ, directly from the token distribution address, right before the airdrop redemption period.

In a brief period, this digital wallet has successfully offloaded 169 million tokens priced at about $0.05164 apiece, summing up to approximately $8.77 million. However, it still retains a substantial amount – around 719 million tokens, equating to an estimated value of around $37.96 million.

The selling activity didn’t stop after the initial transactions. After a brief 20-minute pause, the sales resumed. As we speak, 176 million $PENGU tokens, valued at about $9.3 million, have been sold. This represents nearly 20% of the total holdings for the key wallet.

Approximately 7.12 million units in the wallet retain an estimated value of about $37.7 million, implying potential increases for later times. At this moment, the price of PENGU has fallen to $0.03388, representing a 50% drop compared to the previous 24 hours.

Continued transactions and substantial token ownership suggest a possible surge in sell-offs for the $PENGU. Keeping this in mind, it’s important for investors to keep abreast of developments and observe market trends closely.

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2024-12-17 22:44