A major on-chain movement has drawn attention today. According to data tracking, at the peak of a 13% surge in PENGU’s price, an unknown wallet received 164 million PENGU tokens from Wintermute, a well-known market maker.
Instant Sell-Off: Over $2.1 Million Converted in Minutes
More strikingly, within just one hour of receipt, the entire holding was swapped via decentralized exchanges for 2.166 million USDC — approximately $2.17 million — at an average rate of $0.0132 per token.
Market Reaction: Bulls Face Immediate Pressure
The timing of this large-scale exit, coinciding with a price rally, suggests tactical profit-taking by early holders. Such moves often trigger short-term bearish sentiment and may dampen upward momentum.
- Transaction time: Approximately 1 hour ago
- Fund source: Wintermute hot wallet
- Swap volume: 164M PENGU → 2.166M USDC
- Average price: $0.0132
- Execution path: Fully on-chain, bypassing centralized exchanges
While no official statement has been released, the move has raised red flags among traders. Analysts recommend close monitoring of PENGU’s reserve flows and whale activity in the coming hours to anticipate potential volatility.