Bithumb and Upbit Buy 945 Million PENGU in Week, Boosting KRW Trading Volume 380%

South Korean cryptocurrency exchanges Bithumb and Upbit have made a substantial impact on the market by purchasing 945 million PENGU, valued at $32 million, within a single week. This large-scale accumulation was facilitated through three high-volume wallets linked to these exchanges, which have significantly increased their holdings of PENGU.

On-chain data reveals that these wallets have accumulated 945 million PENGU, valued at $32 million, within the past week alone. Their total holdings have now reached 2.92 billion PENGU, worth approximately $96.73 million, which constitutes 3.8% of the token's total supply. This accumulation has amplified PENGU's market presence, with KRW trading volume surging significantly. The increased trading activity suggests that local traders play a pivotal role in the cryptocurrency's growth.

The market is closely monitoring the potential influence on PENGU's price movements and trading patterns, as past events have shown that similar accumulations can lead to significant market shifts. Analysts are debating the broader economic impact, with many focusing on Korea's propensity to drive meme coin surges, a trend seen in previous events. The implications extend to both market dynamics and potential regulatory interest, although financial authorities have yet to comment.

While exact motivations remain unclear, this could signal increased attention towards meme tokens and NFT-derived assets. Historical trends show that such whale actions often result in volatile price action, and stakeholders are advised to consider these aspects when evaluating future investment opportunities related to PENGU. The considerable purchases by these exchanges have amplified PENGU's market presence, with KRW trading volume surging significantly. The market is closely monitoring the potential influence on PENGU's price movements and trading patterns, as past events have shown that similar accumulations can lead to significant market shifts.