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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.
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.
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bitcoinworld.co.in