PENGU Token Plunges Amidst Insider Sell-Off

• The PENGU token has experienced a significant 17% weekly decline, currently trading at $0.03533, following a sell-off by an insider-linked wallet.

• On-chain data reveals that an address associated with the PENGU deployment wallet has transferred over $17 million worth of tokens to exchanges since early July, including a recent $5.64 million deposit to Binance.

• Despite the price correction, trading volume remains high, but technical indicators suggest weakening momentum, with the next support level around $0.030 and a need for a recovery above $0.038 to shift sentiment to bullish.