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- Wallets linked to PENGU have sold 176M tokens, raising concerns over significant sell-offs after the Binance listing.
- A wallet received 888M tokens just before the airdrop claim, sparking questions about token distribution and market dynamics.
The recent launch of the PENGU token has sparked great interest in the cryptocurrency community, particularly since its listing on Binance. Having 88.88 billion tokens overall, the project deliberately distributed over 70% of the tokens into use at launch.
This includes budgets for airdrops aimed at other NFT communities as well as Pudgy Penguins NFT holders, therefore enhancing the inclusiveness and involvement of the ecosystem.
The release was not without complexity, though, as on-chain events suggested large sell-offs by wallets connected to the project—or maybe early investors—causing waves of uncertainty among market players.
Concerns Arise Over PENGU Token Distribution and Wallet Activity
Ai, a crypto expert, claims that wallets connected to the PENGU project have already sold around 176 million tokens, making about 20% of their whole value gone. With these sales totaling an estimated $9.287 million, these wallets still have tokens valued at roughly $37.71 million.
Especially one address, beginning with “HoTdB,” got a significant 888 million tokens from the token distribution address just one day before the airdrop claim. This trend begged issues concerning token distribution patterns and if such events could influence the long-term value of the token and investor sentiment.
The token’s trading debut on Binance saw pairs including USDT, BNB, FDUSD, and TRY, therefore improving its liquidity and accessibility over several marketplaces.
Adding to the hype, a trader gained headlines by closing an amazing $8.36 million profit in only 20 minutes of trading PENGU.
Purchasing 239.6 million tokens for $5.36 million, this person sold them soon after for $13.72 million, therefore highlighting the great volatility and significant demand around the token’s release. Such incidents highlight the speculative character of new token listings, which thrill and caution the crypto community depending on them.
With a market cap of $1.8 billion and trading around $0.02894 at the time of writing, PENGU is ranking 66th among all the cryptocurrencies.
