An investor has sold five NFTs from the highly coveted Pudgy Penguins collection for a shockingly low price — just $175. Members of the crypto and NFT communities are trying to figure out what could have prompted such a decision.
A Mysterious Multi-Million-Dollar Loss
According to ApeVentureVCs, an anonymous investor sold five NFTs from the Pudgy Penguins collection, each supposedly worth $3.7 million collectively, for only $175. The sold tokens include Pudgy Penguins #5222, #5996, #2009, #7743 и #1550. Each of these is estimated to be valued at around 21 ETH (roughly $117,000).
Experts speculate that the owner might have confused 35 USDC with 35 ETH, resulting in a multi-million-dollar loss. However, some users suspect the investor’s actions may have been intentional.
Possible Tax Schemes
Community members suggest that the transaction may have been part of a tax-evasion strategy. The owner could have arranged an off-market token buyback to avoid paying taxes. Others believe the seller may soon repurchase the same tokens, artificially reducing tax liability.
“Such sales should be canceled or automatically challenged,” one user wrote on X.
For now, there is no evidence confirming this theory.
Pudgy Penguins: Success and Popularity
Launched in 2021, Pudgy Penguins quickly gained popularity and became one of the most actively traded NFT collections. At the time of writing, it ranks second in market capitalization, with individual tokens selling for hundreds of thousands of dollars.
Meanwhile, Pudgy Penguin (PENGU) — the cryptocurrency linked to the collection — has also attracted investors’ attention. Its current price is $0.0372 (+9% over the last 24 hours), with a market capitalization of over $2.3 billion.
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