The Pudgy Penguins project team has transferred over $100 million worth of PENGU tokens to various exchanges since July, according to blockchain analytics firm AmberCN. The deployer address has moved 3.8811 billion PENGU tokens, valued at approximately $108 million, with regular deposits of about $3 million every few days. The latest transaction involved 230 million tokens. These significant token movements have sparked investor concerns about potential selling activity and the project's transparency in token distribution.