- Bithumb and Upbit acquire 945M PENGU tokens, impacting liquidity.
- PENGU price surged 126% following purchase.
- Korean Won became top PENGU trading pair globally.
Korean cryptocurrency exchanges Bithumb and Upbit recently bought 945 million PENGU tokens, totaling $32 million in a single week. This significant acquisition resulted in a sharp increase in PENGU’s market price on these platforms.
Analyst observations highlight Bithumb and Upbit’s strategic token acquisitions, prompting volatility and heightened trading activity. The influx of $32 million into PENGU has realigned trading ratios, positioning Korean Won as a leading currency pair for PENGU.
Three wallets from Bithumb and Upbit now control 2.92 billion PENGU, representing 3.8% of the total token supply. As on-chain analyst lookonchain stated, “Three wallets linked to Bithumb & Upbit have accumulated 945 million PENGU this week, for a new total of 2.92 billion PENGU—3.8% of supply. The scale of this accumulation, in such a short time, signals significant buying pressure and whale concentration.” Despite the major buy, no official statements have emerged from the exchanges regarding this development.
The acquisition’s effects are notably visible in the crypto market. Trading volumes and liquidity volumes soared on these exchanges, particularly in Korean Won. Short positions in PENGU derivatives faced sizable losses.
Financially, this action has caused increased volatility. Analysts note that whale accumulations often lead to short-term price spikes, posing risks for small investors. The meme coin sector as a whole remains influenced by this concentrated purchase action. CoinGecko reveals important cryptocurrency market insights that reflect the impact of such movements.
Observers anticipate potential regulatory or market shifts resulting from such significant whale movements. Historical precedents suggest possible mean reversion trends, though current market sentiment remains bullish given recent price behaviors.
