• Over the previous few weeks, the Pengu workforce has transported round 2.1 billion pen tokens (price round $66.6 million) to a centralized trade
• Pengu has skyrocketed by round 240% over the previous month
• The con man has strengthened his phishing and dirt shaking methods

Over the previous few weeks, the Pudgy Penguins (Pengu) workforce has moved about 2.1 billion pen tokens (price round $66.6 million) into centralized exchanges. Simply at the moment, on July twenty eighth, 206.9 million transfers (roughly $8.9 million) happened.

Analysts warn that this huge token motion by workforce insiders signifies potential liquidation and value dumps, however Penn has been pushed by ETF-related hype for the previous month, and has skyrocketed by round 240%.

However much more troublesome is that, alongside the worth motion, scammers have bolstered their phishing and crushing methods. To be extra exact, a small quantity of pen is distributed to a random pockets with a conceit title that results in a faux area that mimics the undertaking. This can lead to unsuspecting customers signal pockets connections and malicious transactions.

Yesterday, Beau (Pudgy Penguins safety officer) confirmed that there are not any official Penguin Airdrops or billing out there now.

Close to the top of final yr, faux websites disguised as official Pudgy Penguins pages have additionally been flagged and infrequently distributed by way of dangerous adverts.

Regardless of being supported by Pudgy Penguins IP and the rising NFT neighborhood, Penguins continues to be a relatively speculative memo coin. Massive token actions, significantly these by key homeowners with out clear communication, can elevate issues about attainable market manipulation and unorganized earnings.

Hype-driven rally

A lot of the current Penn enhance got here from social media hype, not fairly. In different phrases, Coinbase has modified its X profile picture to a stocky Penguin NFT.

Then, in the intervening time, the SEC has processed new filings. Particularly, we’ve considerably processed the 19B-4 software from the CBOE looking for approval to commerce Canary Pen ETFs. Canary Capital first utilized to the ETF in March.

As a result of hype, some analysts stay skeptical that Penga may keep its earnings except precise adoption or utility continues.

At the moment, Pengu is sitting at a value of $0.04229, marking a rise of round 15% over the previous seven days.

With a $66 million improve in token dumps and fraud, Pen is a warning story of how the meme token hype cycle can backfire shortly, particularly when it mixes in a rush to promote insiders and monetize IP.