- A 126% price surge followed large Korean wallet acquisitions.
- Over 2.8 million in short positions liquidated.
- Korean exchanges now hold 3.8% of PENGU’s total supply.
Korean crypto giants Bithumb and Upbit saw three of their linked wallets acquiring a substantial 945 million PENGU within a week. This move represented a significant buy, drawing attention from analysts across the sector. “945 million PENGU ($32 million) was added to three wallets on Korean crypto exchanges Bithumb and Upbit over the past week. These three wallets hold 2.92 billion PENGU ($96.73 million), which accounts for 3.8% of the total supply.” – @lookonchain source
Market Impact of the Acquisition
The direct consequences were a 126% leap in PENGU’s price, alongside substantial liquidations exceeding $2.8 million in short positions. Market dynamics shifted substantially as a result of this activity. Korean exchanges’ acquisition of PENGU mirrors previous market movements where large holders influenced substantial price changes, as noted in CoinGecko’s announcement.
Increased Market Volatility
This financial shift primarily affected Korean traders’ holdings. Market volatility increased as the whale accumulation concentrated 3.8% of PENGU’s supply in the hands of Korean exchanges. As the Korean exchanges amassed larger PENGU reserves, trading volumes soared. The trend follows historical precedents where Korean whales initiated sharp price fluctuations upon accumulating large holdings.
Historical Patterns and Future Expectations
Historical patterns confirm that such whale activities lead to short squeezes and subsequent retracements. Previous cases involved similar dynamics affecting coins like XRP and DOGE, suggesting potential volatility for PENGU.
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