PENGU continues to plunge as insider wallet moves another $5.6M to exchanges

crypto.news 31 July 2025 03:33, UTC

Analytics

$PENGU’s rally has reversed with a 17% weekly loss, as on-chain data points to one insider-linked wallet offloading over $17 million worth of tokens to exchanges since July.

Summary

$PENGU is down 17% in a week as a wallet linked to the deployer sent over $17M worth of tokens to exchanges.
Technical indicators show early signs of weakness, with a bearish MACD crossover and falling RSI.
Despite the correction, long-term trend lines remain bullish, supported by high trading volume.

The Pudgy Penguins ($PENGU) token has declined sharply in recent days, falling 6.5% in the last 24 hours to $0.03533. Over the past week, the token is down 17% after reaching a local high of $0.0447 on July 27. Even with a 133% gain in the past 30 days, $PENGU is still 48% below its all-time high of $0.06845 set in Dec. 2024.

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
— Ai 姨 (@ai_9684xtpa) July 30, 2025

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.

$PENGU continues to plunge as insider wallet moves another $5.6M to exchanges - 1">

$PENGU daily chart. Credit: crypto.news

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.