After 100 million PENGU tokens were transferred from the token deployment address to the centralized exchange in the early morning, the price dropped by 7%.

CoinFeed reported on May 7th that, according to on-chain analyst Yu Jin, after 100 million PENGU ($1.08 million) were transferred from Pudgy Penguins' token deployment address to centralized exchanges, the price of PENGU fell 7% from $0.01147 to $0.0106. Six hours earlier, the PENGU token deployment address transferred out 137 million PENGU ($1.5 million), of which 100 million PENGU ($1.08 million) were transferred to exchanges such as OKX.