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This morning everyone was talking about $pengu starting to dump. I checked and indeed saw that the Pudgy Penguins deployment address is continuously transferring Tokens to multiple CEX Addresses on-chain. This week, over 45M has been transferred out, with the timing chosen at the peak of the emotions.
I also saw that someone posted an official response. It said that providing LP or locking up is not necessarily selling.
Sounds good, but the problem is: on-chain is transparent, but the information is not transparent.
The cryptocurrency world has never been a place of reason; it is a place of expectations.
Opacity = uncertainty, uncertainty = risk, risk = sell.