Pudgy Penguins Token Sees 14% Drop After 712 Million Token Unlock: Increased Sell Pressure on PENGU
— AMBCrypto
PENGU dropped 14% after the unlocking of 712 million tokens.
Pudgy Penguins Token (PENGU) dropped 14% after the unlocking of 712 million tokens, leading daily losses in the altcoin market.
- The unlocking of 712 million PENGU tokens created significant sell pressure, resulting in a 14% drop in the token's price.
- This large token unlock poses a risk of increased supply in the market, further encouraging investors to sell and making PENGU the biggest loser in the altcoin market.
The token unlock increases selling pressure through supply expansion, negatively impacting PENGU's price.