Pudgy Penguins's $PENGU token is currently experiencing a significant amount of selling activity, particularly from early investors and associated wallets.
A large amount of Pudgy Penguins (PENGU) tokens, valued at over $8.74 million, have been sold by early investors and associated wallets, putting selling pressure on the token and impacting its price.
One key wallet, HoTdB…YL8YZ, received 888 million tokens from the token deployment address before the airdrop claim event. This wallet has already sold 169 million tokens at a price of $0.05164 each, generating proceeds of around $8.74 million.
The wallet still holds a significant 719 million tokens, currently valued at about $40.14 million. However, the selling activity didn’t stop there.
After a brief 20-minute pause, the sales resumed, with 176 million tokens being sold at a price of $0.05164 each. This brings the total sales up to around $9.3 million, which is nearly 20% of the key wallet's initial holdings.
The remaining 7.12 million tokens in the wallet are still valued at around $37.7 million, indicating that there could be more selling pressure on PENGU in the future.
As of now, the price of PENGU has dropped to $0.03388, a 50% decrease from the last 24 hours. The sales and large token holdings could put further pressure on the token's price, so investors should stay updated and monitor the situation closely.
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