South Korea’s leading crypto exchange Upbit has announced the listing of Pudgy Penguins (PENGU) on its trading platforms KRW, BTC, and USDT, opening new opportunities for investors.
Announcement of PENGU Listing
Upbit's announcement states that deposits and trading for PENGU will commence shortly. The exchange plans to implement certain precautions and temporary restrictions to ensure smooth market entry. Upbit reminds users to carefully check network compatibility before depositing PENGU, as incorrect deposits may require a lengthy recovery process. Under South Korea’s Travel Rule, PENGU transfers are only accepted from verified virtual asset service providers (VASPs) or from whitelisted personal wallets linked to a verified user.
What is PENGU?
PENGU is a fungible token created by the team behind Pudgy Penguins, a well-known NFT collectible featuring cartoon penguin avatars. Originally launched as a PFP (profile picture) collection, Pudgy Penguins has gained popularity by expanding into Web2 markets through toy sales, brand collaborations, and merchandise. The PENGU token was introduced to overcome the scalability limits of the fixed-supply NFT model and aims to increase community engagement. While PENGU is currently classified as a meme coin with no official use case, Upbit notes that the project could evolve to integrate token use cases as its ecosystem matures.
The Market for Meme Tokens and Their Significance
With its entry on Upbit, PENGU joins a growing list of meme and community-focused tokens that are gaining traction among both individual and institutional crypto investors. The support for tokens like PENGU reflects the growing interest in meme tokens with strong community backing and brand awareness.
The listing of Pudgy Penguins (PENGU) on Upbit highlights the ongoing rise in popularity of meme tokens and their growing influence in the cryptocurrency market.
