Recent transactions by Korean exchanges Bithumb and Upbit have drawn attention to significant accumulations of the PENGU token, creating notable buy-side pressure in the market.
PENGU Accumulation by Korean Exchanges
Wallets associated with Bithumb and Upbit acquired 945 million PENGU worth approximately $32 million within a week. These operations highlight the growing interest from Korean investors.
Market Impact and Trading Volumes
Following the accumulation, PENGU's price surged over 126%, attributed to the increase in trading volumes. PENGU's market cap has risen significantly, nearing $1.8 billion.
Future Trend Analysis
Analysts foresee potential shifts in Korean retail investor behavior towards PENGU and similar tokens, which could lead to increased market volatility.
The accumulation of PENGU by Korean exchanges demonstrates growing investor interest in meme tokens, which may influence future investment trends.
