Blockchain analytics firm Arkham Intelligence said the deployer wallet behind Pudgy Penguins' PENGU token has sent about 1.586 billion PENGU, worth roughly $45.56 million, to major centralized exchanges since 11 July. The transfers were routed through multiple Squads Vault addresses and reached Binance, OKX, Coinbase, Bybit, KuCoin, Bitget and Gate. Despite the large outflow, the deployer wallet still holds 9.541 billion PENGU valued at approximately $299 million, according to on-chain data compiled early Thursday in Asia. The tokens moved represent roughly 14% of the wallet’s original balance and could add significant liquidity to exchange order books. The activity comes after PENGU rallied 143% over the past week, touching an intraday high of $0.0351 on 16 July amid heightened social-media enthusiasm and broader strength in meme-related cryptocurrencies. Analysts noted that sizeable deposits to exchanges often precede sales by early holders, raising the prospect of near-term price volatility. PENGU, launched by the NFT brand Pudgy Penguins, has climbed into the top 50 digital assets by market value this year on the back of new gaming products, retail partnerships and exchange listings. The project’s expansion beyond collectibles has drawn both retail traders and institutional interest, including a pending exchange-traded fund filing that is awaiting U.S. regulatory review.