PENGU Price Soars While Whale Transfers Raise Alarms

The Pudgy Penguins’ PENGU token is under intense scrutiny after large transfers from its team wallet raised potential red flags.

According to the information, more than 206.9 million PENGU—worth $8.91 million—was moved to centralized exchanges in the past 24 hours alone.

This activity is part of a month-long pattern, where over 2 billion PENGU tokens (valued at approximately $66.6 million) have been sent from team-controlled wallets to various trading platforms. Such moves often signal potential selling pressure, especially during sharp market rallies.

Security Team Flags Phishing Threat

While PENGU rides bullish momentum, scammers are taking aim. On July 27, Pudgy Penguins’ security head Beau issued a warning about a new phishing scheme targeting token holders.

The scam involves sending “dust” PENGU tokens with fake vanity addresses—names that resemble legitimate URLs. When curious users search these addresses on tools like Solscan, they may encounter phishing links mimicking official Pudgy Penguins branding.

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If users connect their wallets and sign the prompted transactions, attackers can drain their crypto assets. Beau urges users to avoid interacting with suspicious tokens and only use official links.

As the PENGU rally continues, traders are advised to watch wallet activity closely—and stay alert for scams hiding in plain sight.