Pudgy Penguins Just Spiked 17 Percent on the May Memecoin Rally but a 703 Million Token Release Hits May 17 and Could Wreck the Run
PENGU rallied 17% to $0.0102 with $385M in 24h volume on the back of a memecoin rotation, but a 703 million token release hits May 17 and CoinDesk analysts already flagged the move as exit liquidity. Here is what the calendar says.
➤ PENGU, the token for Pudgy Penguins NFTs, saw a 17% rally driven by a memecoin rotation, but faces a significant risk from a 703 million token release on May 17. ➤ Despite strong fundamentals like physical toy distribution and a potential ETF, the upcoming large token unlocks pose a threat, with analysts warning of an 'exit liquidity' pattern. ➤ The article advises treating PENGU as a tactical trade due to its heavy vesting schedule, highlighting May 17 as a critical date to assess market absorption of new supply.
