Key Takeaways
- The PENGU deployer wallet has moved 1.5 billion tokens to centralized exchanges since July 11.
- The move has raised concern among holders about a potential price dump.
- PENGU surged over 90% in the past week, fueled by the SEC’s acknowledgment of a PENGU ETF filing.
The deployer wallet behind Pudgy Penguins (PENGU) has transferred 1.5 billion tokens, worth approximately $45 million, to centralized exchanges, according to data from Arkham Intelligence.
While the community has been riding bullish momentum over the past week—with the coin surging 90%—the large transfer has left holders worried about a potential dump.
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PENGU Transfer
Since July 11, the deployer wallet has been making daily transfers of more than 130 million tokens through multiple “Squads Vault” addresses.
The deployer, however, still holds around 9.541 billion PENGU, worth approximately $299 million.
This represents a significant portion of the total supply, meaning the deployer’s actions have the power to heavily influence market dynamics.
Despite the recent bullish wave, the community is now bracing for a possible sell-off.
CCN analyst Victor Olanrewaju said the recent transfer of PENGU tokens has likely triggered fresh selling pressure, reflected in today’s 6% price drop.
“With the holder retention rate and accumulation both declining, PENGU may enter a period of consolidation in the short term,” Olanrewaju said.
However, he added that the decline could be temporary.
“Once demand picks up again, the price is could r ebound and aims for higher highs again,” he added.
Pudgy Penguin Community Worried
Following posts about the token transfers on X, the community has weighed in on what the best course of action might be.
In response to one user asking, “What does this mean for normal Pengu holders,” another user urged holders to take profit.
“It means you either take profit (tp) or believe, dev is about tp, for summer holidays,” one user responded.
Another wrote bluntly: “Means they getting ready to dump on you.”
However, some have remained level-headed, claiming the deployer-controlled wallets are simply providing more versatile liquidity.
X user @francis_gou offered the community a tutorial on how to “debunk” the recent Fear, Uncertainty, and Doubt (FUD) surrounding PENGU’s movements.
“The token creators are not dumping but providing liquidity in other places,” they wrote.
PENGU’s Rapid Growth
Over the past week, PENGU surged between 90–95%, crossing the $0.029 mark on multiple exchanges and entering the top 60 tokens by market cap.
Several key drivers have contributed to this momentum, with perhaps the most significant being the U.S. Securities and Exchange Commission’s (SEC) acknowledgment of a filing for the Canary Spot PENGU ETF.
Just one day later, the token received so much attention that both Coinbase and Binance changed their X profile pictures to the Pudgy Penguins avatar.
All of this comes ahead of the launch of Pudgy Penguins’ upcoming mobile game, Pudgy Party, developed in partnership with Mythical Games.
The release is scheduled for August and is expected to generate significant revenue.
According to Mythos, which recently released FIFA Rivals, it recorded two million transactions in just two weeks.
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Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
