The PENGU project is facing concerns after early investors reportedly sold off a significant chunk of tokens, triggering fears of a market dump.
Combined with massive profits by traders and a sharp price drop, the project can now be under scrutiny as its valuation takes a hit.
PENGU early investors take profit by dumping tokens
Early investors or wallets linked to the PENGU project are reportedly selling off a massive chunk of their tokens. It is reported that so far 176 million tokens – worth about $9.29 million – have been sold. Notably, the sell-off contributes to nearly 20% of the total holdings of the project, which can largely impact the valuation.
A wallet address starting with HoTdB received 888 million tokens directly from the project’s deployment address just before the airdrop claim. The remaining tokens held by this address are still worth about $40 million.
🚨 $PENGU 项目方关联钱包（或早期投资者）正在链上大额抛售！截止目前已卖出价值 874 万美金的 PENGU
地址 HoTdB…YL8YZ 昨天（空投申领前）已从代币部署地址收到 8.88 亿枚代币，过去一小时以 $0.05164 抛售了 1.69 亿枚代币；目前仍持有 7.19 亿枚，价值 4014 万美金https://t.co/2olkGJwFuB pic.twitter.com/ELcXz71KM1
— Ai 姨 (@ai_9684xtpa) December 17, 2024
As per Lookonchain data, a trader pulled off an insane profit of 36,984 SOL, which comes to a market value of $8.36 million, in under 20 minutes by trading PENGU.
As soon as PENGU launched, the platform cites that the trader spent 23,742 SOL (about $5.36 million) to buy 239.6 million PENGU tokens. Shortly after, they sold those tokens for 60,726 SOL, garnering close to $13.72 million.
At the time of writing, PENGU has lost close 50% of value based on CoinGecko data. Meanwhile, Binance had become the most active platform for the PENGU airdrop and trading of its pairs.
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Source: https://www.cryptopolitan.com/pengu-early-investors-sell-9m-in-tokens-raising-dumping-concerns/