Pudgy Penguins down 14% after 712 mln token unlock: Can PENGU rebound?
Tech Pudgy Penguins down 14% after 712 mln token unlock: Can PENGU rebound? Bitcoin Ethereum News Pudgy Penguins [PENGU] is down 14% in the past 24 hours. PENGU had the biggest loss among CoinMarketCaps top 100 crypto tokens during this period. A couple of factors influenced this sudden crash, which occurred after a week of positive gains across the crypto sector. Monthly unlocks fuel selling pressure The number of transactions was growing, but sellers dominated them more. According to Dune Analytics, sell transactions were 19,865, while those of buyers were 19,648. However, the difference was not that big. Additionally, the number of daily sellers was 959, while the number of buyers was 804. Source: Dune Analytics This sale came as a result of monthly unlocks of 712.4 million PENGU worth $6.25 million. Of this amount, 279.3 million PENGU worth $2.45 million was meant for the company, while 433.1 million tokens valued at $3.80 million went to the current and future teams. Network data from Arkham showed the teams distributed their tokens this week, valued at $3.40 million. Hence, this development potentially sparked sell pressure from on-chain traders. Source: Arkham Furthermore, capital was leaving the broader altcoin market, and trending tokens like PENGU were taking the hardest hit. An increase in daily trading volume








