PENGU Token Jumps 30% on NHL Deal, But $108 Million Sell-Off Sparks Fear
PENGU token surged 30% following an NHL partnership announcement, yet persistent $108 million token transfers to exchanges signal potential selling pressure.Summary
The PENGU token, associated with the Pudgy Penguins community, rallied over 30% in early December 2025 after the project announced a collaboration with the National Hockey League (NHL) for the 2026 Discover NHL Winter Classic, starting with activations at Art Week Miami. This news boosted DEX trading volume and coincided with whale accumulation and the planned Q1 2026 launch of PENGU perpetuals on Bitso Exchange.
However, this bullish momentum is contrasted by significant on-chain selling pressure. On-chain data reveals that the PENGU deployment address has systematically transferred approximately $108 million worth of PENGU tokens (3.881 billion tokens) to centralized exchanges since mid-July. This sustained distribution pattern, which has continued into early December, suggests ongoing selling that challenges the sustainability of the recent price recovery, creating tension between positive partnership news and underlying sell-off risks.
(Source：BeInCrypto)