- South Korean exchanges buy PENGU following NYSE mention.
- Market reacts with high trading volumes.
- PENGU aims to challenge Dogecoin supremacy.
PENGU garnered significant attention after being mentioned on NYSE TV, sparking notable interest from South Korean exchanges Bithumb and Upbit.
PENGU’s mention on NYSE TV underscores its growing prominence and potential impact on the meme coin market, as seen by the South Korean exchange investments.
The emergence of PENGU on NYSE TV has aligned with a notable buying spree from Bithumb and Upbit, who collectively acquired approximately $32 million in PENGU tokens. These actions reflect a keen interest in capturing market momentum.
Luca Netz, the founder of Pudgy Penguins, has actively aimed to position PENGU as a contender against Dogecoin, stating, “Trying to Flip Dogecoin”. This strategy reflects an aggressive approach in the lucrative meme coin sector, indicated by large-scale Asian investments.
Immediate consequences include escalating trading volumes and highlighting the prominence of exchange-driven activities in the meme coin scene. This scenario may set off increased speculative interest, especially within Korean cryptocurrency markets.
The substantial acquisition of PENGU by major exchanges indicates potential market shifts. Such dynamics suggest that traders may witness heightened volatility, echoing past cycles experienced by leading meme coins.
Historically, when central exchanges moved on meme coins like Dogecoin and Shiba Inu, markets experienced sharp volatility. This trend could continue with PENGU, inviting careful attention from investors and regulators. These developments expand the reach and influence of meme coins on global markets.
