PENGU in Freefall: Insider Dumps Another $5.6M on Exchanges—Time to Panic or Buy the Dip?
Another day, another crypto bloodbath. PENGU token holders watched in horror as an insider wallet unloaded $5.6M onto exchanges—accelerating the token's nosedive.
Who needs fundamentals when you've got insiders playing hot potato?
The move follows PENGU's brutal descent, leaving retail bagholders scrambling. While some see this as capitulation, others whisper about coordinated dumping. Either way, it's a masterclass in how not to build market confidence.
Pro tip: When the whales start fleeing, maybe—just maybe—it's not a 'healthy correction.' But hey, at least the exit liquidity's flowing!
Are PENGU insider preparing to dump?
On-chain data shared by pseudonymous analyst Ai shows that address 8hQvQ…zund8, connected to the PENGU deployment wallet, deposited 150 million tokens, worth around $5.64 million, to Binance on July 30.
This brings the total moved by the address to 485 million PENGU, about $17.67 million, since early July. More transfers have been recorded before this.
. $PENGU 项目方关联地址 8hQvQ…zund8 再次向 #Binance 充值 1.5 亿枚 PENGU，价值 564 万美元🐧
该地址曾在 2024.12 收到 PENGU 部署地址的 13.5 亿枚代币，且自 7 月以来已累计向交易所转移 4.85 亿枚，总价值 1767 万美元，均价 $0.03642
近七天 PENGU 已下跌 14.5%📉钱包地址… pic.twitter.com/98jbz0oxcf
Over 2 billion tokens, totaling $66.6 million, were moved from the PENGU deployment address to centralized exchanges between July 12 and July 28. On July 28 alone, $8.91 million worth of those tokens were moved. Although some speculate that these actions might be related to partnerships or liquidity, the timing has sparked worries about a possible strategic dump.
Trading activity remains strong despite the recent concerns. The 24-hour spot volume for PENGU has risen 34% to $943.1 million, while the derivatives volume has increased to $2.76 billion, a 27% surge. A 1.76% decline in open interest, however, indicates that some traders may be reducing their short-term holdings.
PENGU technical analysis
PENGU is holding NEAR its 20-day simple moving average at $0.0352. It has recently retreated from the upper Bollinger Band and is now nearer the $0.0245 lower band support. After reaching overbought levels above 73 earlier this week, the relative strength index has now dropped to 57.6.
The Stochastic RSI is currently in the lower zone, and the moving average convergence divergence has crossed below the signal line, two early indicators of waning momentum. The 50-day EMA sits at $0.0257, while the 200-day EMA remains lower at $0.0182, suggesting the long-term trend is still intact unless the current dip worsens.
The next support is located around $0.030 if PENGU is unable to hold above $0.035. For short-term sentiment to shift to bullish, a recovery above $0.038 WOULD be required.
