Recently, on-chain monitoring has once again focused on unusual activity involving PENGU.

The project team's token deployment address follows a fairly regular pattern—every few days, it transfers a batch of PENGU tokens to major exchanges, with each transfer consistently around $3 million worth of PENGU. The latest transfer just took place early this morning. Looking through the records, since this round of operations started in mid-July, a total of 38.811 billion tokens have been transferred out, which is roughly $108 million by market value.

The timing and frequency of these transfers are quite intriguing. Some analysts believe that this cyclical operation may be related to the project's fund management or market strategy. After all, since each transfer goes directly to exchanges, it's hard to say it doesn't have an impact on the secondary market.

For token holders, this ongoing outflow is worth paying attention to. While it's impossible to directly determine the project's intentions, at least at the on-chain data level, this regular flow of funds has already formed a trackable pattern.