Pudgy Penguins' Rally Linked to Token Unlock

Bradley Park noted that the recent surge in Pudgy Penguins followed the April 17 unlock of approximately 703 million PENGU tokens, representing 0.79% of the total supply. According to NS3.AI, this event may have provided exit liquidity for significant holders. Park highlighted that PENGU's open interest increased from around $36 million to $59 million during this period. The next token unlock, involving roughly 703 million tokens, is set for May 17.