Pudgy Penguins team address deposits over $100M in PENGU to exchanges since July

An address presumed to belong to the Pudgy Penguins (PENGU) team has been consistently depositing PENGU tokens worth around $3 million to various exchanges every few days, according to a report from EmberCN. Since July, the PENGU deployer address (GziA3Z) has transferred a total of 3.8811 billion PENGU, valued at $108 million, to exchanges. The most recent transaction, involving 230 million PENGU, occurred approximately eight hours ago. Deposits to exchanges are typically interpreted as a precursor to selling.