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According to a statement by cryptocurrency on-chain analysis firm LookOnChain, the Pudgy Penguins (PENGU) altcoin is experiencing a surge in volume on South Korea’s largest cryptocurrency exchange Upbit.
According to the analytics firm, the market capitalization of the altcoin, which has seen a significant increase in volume, is less than 1/13th of that of Dogecoin (DOGE), the world’s largest memecoin. PENGU’s trading volume has even surpassed DOGE.
Chart comparing PENGU’s trading volume with DOGE’s.
According to LookOnChain, this may indicate that South Koreans are accumulating PENGU tokens.
However, we can say that the PENGU price has also reacted to this surge in trading volume in South Korea. The token, which also features a memecoin, has risen by more than 5% in the last 24 hours. Despite the interest from South Koreans, the overall trading volume has dropped by 7%, which is noteworthy. The PENGU price has increased by 321% in the last month. However, the token is trading 23% lower than its all-time high seven months ago.
*This is not investment advice.
Read the full article here
