The Pudgy Penguins (PENGU) altcoin is seeing a significant increase in trading volumes on South Korea's largest cryptocurrency exchange, Upbit. According to analysis from LookOnChain, this surge indicates potential accumulation of PENGU tokens by local traders.
Analysis of PENGU Trading Volume
According to LookOnChain, the trading volumes for Pudgy Penguins altcoin on Upbit have experienced a notable rise. This surge in trading activity suggests growing interest in PENGU tokens within South Korea.
Price Reaction to Increased Volume
The price of PENGU has also responded positively to the surge in trading volumes, rising by over 5% in the last 24 hours. However, it is important to note that the overall trading volume has decreased by 7%.
Comparison with Dogecoin
The market capitalization of PENGU is less than 1/13th of that of Dogecoin (DOGE), yet the trading volumes of PENGU have exceeded those of DOGE on Upbit. This may indicate South Korean traders are actively accumulating PENGU tokens.
The sharp increase in trading volumes for Pudgy Penguins altcoin may reflect growing interest from Upbit users in South Korea. Nevertheless, the token's price remains below its all-time high.
