Korean exchanges Bithumb and Upbit have purchased 945 million Pudgy Penguins tokens worth $32 million in the past week, drawing significant market attention.
Market Activity
Korean crypto exchanges Bithumb and Upbit have seen substantial acquisitions of Pudgy Penguins tokens. Over one week, wallets accumulated 3.8% of the total PENGU supply valued at $32 million, indicating a significant influx of interest and funds.
Growing Interest in Tokens
The primary associates were three wallets identified by on-chain analysis. 'Three wallets associated with Korean exchanges Bithumb and Upbit have accumulated 945 million PENGU ($32 million) in one week, signaling strong buying pressure.' These acquisitions have led to an uptick in market activity for PENGU, evidenced by increased trading volume and a 27% price surge in a day.
Market Impact and Expectations
Increasing demand is further amplified by a proposed PENGU ETF and speculative trading activity. The event highlights the potential for increased integration of such tokens on major trading platforms and increased liquidity from Korean investors. Historical patterns, such as 'kimchi premium' events, show similar trends in Korean markets, suggesting possible price volatility.
While such market behavior is intriguing, the long-term impacts are yet to be determined. However, liquidity and market movements remain key factors to observe moving forward.
