PENGU Token Faces Steep Decline Amid Insiders’ Sale
The PENGU token experienced a sharp reversal, losing 17% of its value this week. On-chain data reveals that one wallet connected to insiders has dumped tokens worth over $17 million onto exchanges since early July. This action signals a meaningful shift in market sentiment.
Pudgy Penguins (PENGU) backers are now feeling the pinch. Although they’ve seen growth previously, the recent drop highlights vulnerabilities in the project’s stability. Investors are worried about more tokens flooding the market.
This scenario is critical for those holding PENGU. A large supply hitting exchanges usually leads to price drops. It’s creating uncertainty among traders who track these movements closely.
For newcomers, consider that crypto markets fluctuate wildly. Insider dumping is risky but common during volatile periods. Monitor such events before investing.
- Keep track of on-chain data for insights into token movement.
- Understand that insider selling can impact prices severely.
- Maintain a balanced approach when navigating crypto markets.
