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Pudgy Penguins Rally Follows April 17 Unlock as Analyst Flags Exit Liquidity Risk
Bradley Park said Pudgy Penguins’ rally followed an April 17 unlock of about 703 million PENGU, or 0.79% of total supply, and may have created exit liquidity for large holders. Park said PENGU open interest rose from about $36 million to $59 million during the move, while the next roughly 703 million token unlock is scheduled for May 17.