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

Pudgy Penguins’s $PENGU token is currently experiencing a significant amount of selling activity, particularly from early investors and associated wallets.

$PENGU Massive Sell-off, Source: X

According to the data revealed on the X, $8.74 million worth of $PENGU has been sold so far in total. A large number of tokens were dumped on the blockchain, potentially impacting the price and the project’s stability.

One key wallet, identified as HoTdB…YL8YZ, received a substantial amount of 888 million tokens from the token deployment address just before the airdrop claim event.

This wallet already sold 169 million tokens in a short time, at a price of $0.05164 each. Despite this, it still holds a significant amount—719 million tokens, currently valued at around $40.14 million. 

Wallet sold 168 million tokens

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.

The remaining 7.12 million tokens in the wallet are still worth around $37.7 million, suggesting that there could be more in the future. As of now, the price of $PENGU has dropped to $0.03388, a 50% decrease from the last 24 hours.

The ongoing sales and large token holdings mean there could be more selling pressure on $PENGU. This may affect its price, so investors should stay updated and watch how things progress.