Over the previous few weeks, the Pudgy Penguins (Pengu) group has moved about 2.1 billion pen tokens (value round $66.6 million) into centralized exchanges. Simply right this moment, on July twenty eighth, 206.9 million transfers (roughly $8.9 million) came about.
Analysts warn that this large token motion by group 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%.
Rising phishing scams concentrating on the Pengu group
However much more troublesome is that, alongside the value 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 an arrogance title that results in a pretend area that mimics the venture. It will lead to unsuspecting customers signal pockets connections and malicious transactions.
Yesterday, Beau (Pudgy Penguins safety officer) confirmed that there aren’t any official Penguin Airdrops or billing accessible now.
Close to the top of final yr, pretend websites disguised as official Pudgy Penguins pages have additionally been flagged and infrequently distributed by way of dangerous advertisements.
Regardless of being supported by Pudgy Penguins IP and the rising NFT group, Penguins continues to be a moderately speculative memo coin. Massive token actions, notably these by key homeowners with out clear communication, can elevate issues about attainable market manipulation and unorganized income.
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 interim, the SEC has processed new filings. Particularly, we now have considerably processed the 19B-4 utility from the CBOE in search of approval to commerce Canary Pen ETFs. Canary Capital first utilized to the ETF in March.
Because of the hype, some analysts stay skeptical that Penga might preserve its income except precise adoption or utility continues.
Presently, Pengu is sitting at a value of $0.04229, marking a rise of round 15% over the previous seven days.
With a $66 million enhance 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.
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