Recent active acquisitions of PENGU cryptocurrency by Korean exchanges Bithumb and Upbit have drawn the attention of analysts and market participants. This article discusses the implications of this deal.
Acquisition of PENGU by Korean Exchanges
Korean exchanges Bithumb and Upbit increased their PENGU holdings by 945 million tokens within a week. These three wallets now hold 2.92 billion PENGU, equivalent to $96.73 million, and account for 3.8% of the total supply. "945 million PENGU ($32 million) was added to three wallets on Korean crypto exchanges Bithumb and Upbit over the past week." - CITE_W_A
Market Impact
As a direct consequence of this acquisition, PENGU's price surged by 126%, alongside the liquidation of short positions exceeding $2.8 million. Market dynamics significantly shifted due to this activity. The acquisition of PENGU by Korean exchanges reflects previous market movements where large holders influenced substantial price changes.
Historical Patterns and Future of PENGU
Historical patterns confirm that such whale activities lead to short squeezes and subsequent price fluctuations. Past cases involving similar dynamics affected cryptocurrencies like XRP and DOGE, suggesting potential volatility for PENGU.
The situation with the massive acquisition of PENGU by Korean exchanges creates the groundwork for potential significant price fluctuations for the cryptocurrency in the future.
