- Bithumb, Upbit wallets buy $32M PENGU in one week.
- PENGU trading volume surged, now 32% of KRW trades.
- PENGU price rose by over 27% in 24 hours.
The event highlights growing retail interest in meme coins, especially in the South Korean market, driving substantial trading activity and price increases for PENGU.
Activity by wallets linked to South Korean exchanges Bithumb and Upbit has driven PENGU prices up. They accumulated 945 million PENGU tokens within one week for $32 million. These purchases have increased their total holdings significantly.
The acquisition positions PENGU as a top asset on these exchanges. Korean retail investors contributed to a greater than 27% increase in PENGU’s price within 24 hours. This surge amplified its status among meme coins.
As trading volumes soared, PENGU rose to become a leading asset against the Korean won. It ranks as the sixth most traded coin on Upbit and is among the top 10 on Bithumb, underscoring its market impact.
The buying activity reflects a broader enthusiasm for meme coins, often leading to rapid price fluctuations. Investors in Korea appear to be focusing on meme coins for potential short-term gains, driven by social media trends.
The substantial volume of PENGU buying has led to a liquidity squeeze. Many short positions were liquidated during the price surge. Historical patterns suggest such surges can be temporary, with past meme coin hype resulting in subsequent corrections.
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