Pudgy Penguin Shifts $66M in PENGU Tokens to Exchanges as Scams Spike—What’s Brewing?

Pudgy Penguin just made a power move—dumping $66 million worth of PENGU tokens onto exchanges. The timing? Suspiciously perfect, as scam activity in the NFT space hits a fever pitch.

Why the sudden liquidity rush? The penguins aren’t talking, but the market’s buzzing. Some call it strategic; others smell opportunism. Either way, it’s a high-stakes gamble in a market where trust is thinner than a memecoin’s whitepaper.

Remember: In crypto, even cute penguins play for keeps. And $66 million doesn’t waddle onto exchanges without leaving footprints.

• Pudgy Penguin moves $66M in PENGU tokens to exchanges, sparking speculation about potential sell-offs or liquidity shifts.
• PENGU price surges 245% in 30 days, drawing increased attention from retail investors amid bullish momentum.
• Team issues urgent warning, confirming no active airdrops or claims and advising users to stay vigilant.

Pudgy Penguin is again making headlines, this time not only for its surging token price but also for significant token transfers and a worrying surge of scam activity targeting its growing community.

The project’s native token, PENGU, has experienced a significant appreciation in price over the past month, which has been capturing attention from traders, blockchain watchers, and unfortunately, scammers.

On July 28, blockchain analyst EmberCN, using data from Arkham Intelligence, reported that more than 206.9 million PENGU tokens, equivalent to approximately $8.91 million, were moved from the project release address to a series of central exchanges (CEXs) within the past 24 hours alone.

过去 24 小时里，2.069 亿枚 $PENGU ($891 万) 继续从 PENGU 代币布署地址转出，进入多个 CEX。

从 7 月 12 日以来，共计已有 20.91 亿枚的 $PENGU ($6660 万) 从 PENGU 代币布署地址转出进入 CEX。

地址链接：https://t.co/Cc8HILGRUJ

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Such transfers are part of a larger trend that has been observed within the past month, as more than 2 billion PENGU tokens, equivalent to approximately $66.6 million, have been moved from team-held wallets to CEXs.

These transactions generally create eyebrows within the crypto community as they are typically interpreted to be indicative of selling or liquidation of tokens. Nothing has been publicly said by the team of Pudgy Penguins regarding these trades thus far, but by virtue of timing, speculations range as far as profit-taking or strategic liquidity moves at a period of supportive momentum.

Despite such challenges, PENGU has been registering amazing returns. At the time of writing, PENGU is trading at $0.04208, down -2.86% within the past 24 hours, up 9.59% within the past week, and a staggering 245% up within the past 30 days.

The rally has highlighted the Pudgy Penguins brand to further attention, especially from retail investors targeting high-performing tokens within this current cycle.

Pudgy Penguin Issues Urgent Scam Warning for PENGU Holders

However, this sudden price surge has also been accompanied by a deluge of phishing and scam projects. On 27 July, Beau, who is the security lead at Pudgy Penguins, announced new scam tactics that are being targeted at PENGU holders.

Finally, this is separate from another airdrop scam campaign where scammers drop fake versions of PENGU hoping people will swap into the wrong token.

These fake versions are honeypots designed to steal tokens from you when you swap. https://t.co/ZwUWym0cXo

One such manipulative strategy is that of “dusting” wallets with insignificant amounts of PENGU tokens that are created using vanity addresses that look like real website URLs. Such addresses trick users into searching them on Solscan, leading to phishing links and wallet-draining traps.

Beau stressed that no airdrop nor token claim is officially running at present, dismissing all circulating messages that state otherwise. He further mentioned there is still a scam utilizing fake PENGU tokens designed as honeypots that capture users and then steal money upon swap transactions.

Both convergence of significant token shifts and growing scam activity are a bitter reminder of being watchful within the crypto universe. As PENGU gains traction, users are urged to verify sources, avoid unsolicited airdrops, and watch for phishing scams.

As a fast-moving market, Pudgy Penguin is still a project to watch that is still high-profile, but its community has to be cautious as opportunities and challenges go up together.