Penguin Token fell sharply after Bastille BTC was exposed as a developer, sparking sell-offs and claims of disputed creator rewards.
Penguin Token crashed sharply after market participants linked its development to crypto influencer Bastille BTC.
Selling pressure increased as more holders reacted to claims of misconduct and disputed creator rewards.
Penguin Token Price Falls After Developer Identity Emerges
Penguin Token prices dropped to new lows as information about its developer circulated widely.
Blockchain users shared claims that Bastille BTC was behind the project. Trading activity increased, but most orders showed selling intent.
Data from on chain trackers showed rapid exits by smaller wallets and several larger holders.
Liquidity thinned as confidence weakened, and spreads widened across trading pairs. The decline continued as social channels amplified the claims.
Some traders cited trust concerns, while others focused on unresolved questions about token control.
No official statement from the Penguin Token team addressed the claims during the initial sell-off.
Allegations of Creator Reward Misappropriation Surface
Reports claim Bastille BTC worked with Pump.fun to access creator rewards meant for the original token creator.
The disputed amount reportedly exceeded $300,000. These claims spread across X and Telegram groups.
Wallet tracking posts suggested that Bastille BTC earned over $200,000 in creator rewards. The rewards were linked to the viral growth of the Penguin memecoin.
No court filings or regulatory actions were confirmed at publication time.
A post shared by a community member stated, “The original creator lost access to rewards after control shifted.”
The statement has not been independently verified. Pump.fun has not released a public response.
Market Reaction Intensifies as Holders Exit Positions
Selling accelerated as more holders became aware of the allegations. Several traders cited reputational risk tied to Bastille BTC.
Others focused on uncertainty around token ownership and revenue rights.
Price charts showed consecutive lower lows over multiple trading sessions. Volume spikes coincided with social media updates about the alleged scheme.
Automated trading bots also appeared to amplify downward moves.
Market observers noted that memecoins often react strongly to developer-related news.
Penguin Token followed a similar pattern as sentiment weakened. No recovery signal had formed at the time of reporting.
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Lack of Official Clarification Maintains Uncertainty
Neither Bastille BTC nor the Penguin Token project issued a detailed clarification. The absence of formal communication left holders relying on public claims.
This gap added to volatility and confusion. Community moderators removed some posts, while others remained active. Screenshots and wallet links continued circulating.
Verification remained limited, and narratives differed across platforms.
Until verified disclosures emerge, trading behavior remains cautious. Participants continue to monitor on chain data and official channels.
Price action reflects uncertainty rather than confirmed outcomes.
Source: https://www.livebitcoinnews.com/who-really-runs-penguin-token-bastille-btc-sparks-market-panic/
