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Pudgy Penguins (PENGU), the recently launched cryptocurrency token tied to the popular NFT collection, has captured significant market attention in the past week. The crypto has witnessed a surge in whale activity, with some token holders selling to offset losses and others accruing massive accumulations, signaling a possibility for a market upturn soon.

Recent data from Lookonchain shows a whale, who had previously profited $9.5 million from ai16z tokens, made a significant exchange of 500,000 ai16z tokens (valued at $412,000) for PENGU.

A whale who made $9.5M on $ai16z exchanged 500K $ai16z($412K) for $PENGU again 2 hours ago.

This whale initially spent $1.15M to buy 14.08M $ai16z and sold 7.87M $ai16z for $5.57M, leaving 6.21M $ai16z($5.08M). #ai16z

Over the past 8 days, the whale has spent $2.47M to buy… pic.twitter.com/IDZt5VeAQ1

— Lookonchain (@lookonchain) December 26, 2024

The investor has spent a total of $2.47 million acquiring 79.9 million $PENGU over the last eight days and now holds unrealized profits amounting to $835,000.

PENGU whale transactions drive market interest

In another notable transaction, a whale who received a PENGU airdrop of 116.7 million tokens (initially valued at $394,000) at the listing price hasincreasedtheir holdings. After PENGU’s price surged by 660% since its launch, the airdropped tokens are now worth $4.4 million. 

This particular whale spent 5,250 Solana (SOL) equivalent to $1 million to purchase 34.42 million PENGU, bringing their total holdings to 151.12 million tokens, now valued at $5.748 million. Meanwhile, per market tracker Onchain Lens, a newly created wallet also amassed 538.4 million PENGU tokens, worth more than $20 million at current valuations, on the day before Christmas. This accumulation occurred at an average price of $0.028 per token, according to Nansen data.

A newly created wallet has accumulated 519.99M $PENGU, worth $14.72M from #Binance at an average price of $0.028.

Wallet Address: CqwjTJ4PcH6Jy6KNBjxgZT4KC5i7m8kyC77eVYgEiCj8

Data @nansen_ai pic.twitter.com/5Kpr0ixyNm

— Onchain Lens (@OnchainLens) December 24, 2024

Pudgy Penguins’ $PENGU token has experienced extreme volatility since its launch. On December 17, the token’s price skyrocketed by nearly 500% within its first hours of trading, climbing from $0.01141 to an all-time high (ATH) of $0.06845, according to CoinGecko. 

However, this meteoric rise was followed by a sharp correction, with the price dropping to $0.031 by December 18, marking a 55% decline from its ATH. The token’s price has since stabilized within a range of $0.033 to $0.039 per token over the past seven days, with a low of $0.023 observed during this period.

Despite the volatility, the project’s official social media channels reported that PENGU hassurpassed500,000 holders, indicating strong interest and adoption among investors. The surge in liquidity has also been mirrored by increased trading volumes. On December 24, PENGU’s market cap soared past $2.26 billion.

Blockchain security experts warn of a hack targeting Pudgy Penguins users

Meanwhile, blockchain security analysts have uncovered a new scam targeting cryptocurrency users through malicious advertisements on Google’s ad network. The scam specifically aims at users of Pudgy Penguins by exploiting Google ads to lure unsuspecting users into visiting fraudulent websites.

According to Scam Sniffer, a blockchain security firm, the ads reportedly embed suspicious JavaScript code designed to detect if the visitor has a crypto wallet. Upon detecting a wallet, the code redirects users to a fake website that closely mimics the legitimate Pudgy Penguins website.

?? URGENT SECURITY ALERT ??

1/6 A user reported being redirected to a fake @pudgypenguins website through a Singapore news portal. Our investigation revealed this is part of a larger malicious advertising campaign. pic.twitter.com/Izv3f87WrX

— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) December 25, 2024

The fraudulent site’s objective is to trick users into connecting their wallets, thereby enabling scammers to gain unauthorized access to their funds or NFTs. While Pudgy Penguins is the current focus of the scam, Scam Sniffer has warned that this method could easily be adapted to target other cryptocurrency projects. The security firm advises crypto users to install ad blockers, use a dedicated browser for Web3 interactions, and always verify website URLs before connecting their wallets.

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