Pudgy Penguins Price Dips as Whale Activity Spooks Investors
In recent days, there has been a significant drop in the Pudgy Penguins token. This drop was mostly caused by data on the chain indicating that, since July, a wallet with insider knowledge has sold $17 million worth of tokens to exchanges. When the token hit a local high of $0.0447 on July 27, it had since dropped 5.61% in the last week. PENGU is still below its record high of $0.06845, which was established in December 2024, despite a 164.51% rise over the last 30 days.
$17M PENGU Shift Since Early July: Is the Dump Already Underway?
According to an anonymous analyst Ai’s on-chain data, on July 30th, address 8hQvQ…zund8, which is linked to the PENGU deployment wallet, sent 150 million tokens—roughly $5.64 million—to Binance. Since early July, the address has shifted 485 million PENGU, or almost $17.67 million. Prior to this, more transfers were noted.
Between July 12 and July 28, more than 2 billion tokens, worth $66.6 million, were transferred from the PENGU deployment address to centralized exchanges. Those tokens were transferred for $8.91 million on July 28 alone. The timing has raised concerns about a potential strategic dump, even though some people hypothesize that these activities may be connected to partnerships or liquidity.
Penguin Token Price Nears Support Zone Amid Weakening Momentum
At $0.0352, PENGU is holding close to its 20-day simple moving average. It is currently closer to the $0.0245 lower band support after recently retreating from the upper Bollinger Band. The relative strength index has now fallen to 57.6 after hitting overbought levels above 73 earlier this week.
Two early markers of declining momentum are the moving average convergence divergence crossing below the signal line and the stochastic RSI currently in the lower zone. The 200-day EMA is still lower at $0.0182, and the 50-day EMA is at $0.0257, indicating that until the present decline gets worse, the long-term trend is still in place.
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