Pengu developer would be to make a millionaire sale of tokens
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Presumably, these movements are to get rid of the tokens Pengu.
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Pudgy Penguins has had a 7% drop in the last 24 hours.
The price of Token Pudgy Penguins (Pengu) suffers a bearish pressure after a possible millionaire sale by one of its developers was detected.
After knowing the novelty, The penguin token fell to $ 0.031which implies a daily drop of 7%.
According to data from the Arkham explorer, 1.5 billion, the equivalent of 45 million dollars at current prices, were transferred from the Wallet of a project developer to centralized exchanges. It is presumed that transfers went to get rid of them.
Since July 11, the developer Wallet has been making daily transfers of more than 130 million tokens through multiple “Squads Vault” addresses, a multifirmas -based digital asset management solution, designed to operate in Solana, a network in which inhabits Pengu.
Currently, the Wallet has 9,541 million Pengu, with an approximate value of 299 million dollars.
As cryptootics had reported, the Token of the NFT Pudgy Penguins collection was one of the best weekly performance assets.
However, these movements generated a bearish pressure on their price. Is that when it is detected that a developer transfers large amounts of that asset to centralized exchanges, The market usually interpreted it as a sign that you plan to sell those tokens.
In addition to generating distrust of the project, it should be noted that these operations increase the offer available in the market.
