Crypto Whale Accumulates $14.72 Million Pengu Coins Amid Price Slump

The digital asset market is whispering with positive sentiment. A new whale has bought gigantic amounts of Pengu Coins (PENGU) today, capturing the crypto community with a lot of curiosity.

According to data by Onchain Lens, a newly created wallet has accumulated 519.99 million PENGU tokens worth ($14.72 million) from Binance at an average price of $0.028.

Whales show interest in PENGU

Amid the ongoing phase of price consolidation in the crypto markets, the whale accumulated a significant amount of Pengu tokens. The accumulation reflects renewed confidence in Pengu’s long-term potential among big investors.

Of late, PENGU has been experiencing increased market activity, especially selling pressure, which has led to its price decline. The whale took advantage of the dip and bought massive amounts of tokens. The whale’s action followed other multiple PENGU investors who recently moved the tokens for the benefit of their portfolios.

On Dec.18, a trader made a massive profit by investing in the Pengu Coin. He bought PENGU at a very low price of $6 before Pengu liquidity pool was launched on the Solana network. The token price grew multiple folds, leading to a surge of 800%, and that’s how the trader turned his $6 into an $87,000 profit.

On Dec.19, another whale sold PEPE tokens worth $2.34 million, purchased Pudgy Penguins NFTs, and positioned himself for the PENGU airdrop. These market activities show big investors’ deliberate move to diversify their holdings while taking advantage of emerging opportunities like PENGU. The shift from prominent meme coins like PEPE to upcoming tokens like PENGU indicates confidence in the rising demand for new gems.

Data from on-chain analyst TK Research identified that over 18.7 billion PENGU tokens have been sold since the token’s launch. NFT collection Pudgy Penguins launched its native token, PENGU, on Dec.17 and listed it on prominent exchanges including OKX and Binance.

The data, which dated Dec.19, showed that 72.33% of Pengu holders have sold their tokens. While 18% of the token holders decided to keep their coins after the launch, only 3% embraced purchasing more Pengu coins.

Wild price decline was the key reason why most holders sold out their Pengu tokens. For instance, a trader purchased $10,000 worth of PENGU tokens a few hours after the coin’s debut. Unluckily, the price decline left him with PENGU coins worth $3 by Dec.19. This shows the extreme volatility associated with crypto assets and how panic can influence some traders to sell their tokens before opportunity knocks on the door.

PENGU price indicates resilience

Data from CoinGecko indicates that Pengu’s price is currently up 19.2% in the last 24 hours, trading at $0.03091. The token has amassed a tremendous market cap of $1.92 billion following its public debut. This puts PENGU number 62 in the entire crypto ecosystem. The coin has a trading volume of $637.92 million, up 80.05% over yesterday.

PENGU is the native cryptocurrency of the prominent NFT collection Pudgy Penguin. The digital asset is making waves in the landscape of cryptocurrency, with its recent debut, airdrop event, and extreme price swings. Its airdrop that occurred on Dec.17 was one of the biggest in recent history, covering both the Ethereum and Solana protocols.

With a market valuation of $1.92 billion, Pengu has displayed resilience despite wild price fluctuations. Amassing such a huge market cap within seven days shows PENGU’s increased interest among users. As smart investors look to diversify in potential new alternatives, Pengu could witness incredible price growth.