South Koreans Caused a Boom in Trading Volume for This Altcoin Today

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According to a statement by cryptocurrency on-chain analysis firm LookOnChain, the Pudgy Penguins (PENGU) altcoin is experiencing a notable surge in trading volume on Upbit, South Korea's largest cryptocurrency exchange.

The analytics firm highlights that despite this increased activity, PENGU's market capitalization remains significantly smaller, less than 1/13th, of that of Dogecoin (DOGE), the leading memecoin by market capitalization. Interestingly, PENGU's trading volume has, at times, exceeded that of DOGE.

Chart comparing PENGU's trading volume with DOGE's.

LookOnChain suggests this activity may indicate an accumulation of PENGU tokens by South Korean investors.

The price of PENGU has reflected this increase in trading volume within South Korea. The memecoin-featured token has seen a gain of over 5% in the last 24 hours. However, it's worth noting that overall trading volume has decreased by 7%. Over the past month, the PENGU price has increased by 321%, although it currently trades 23% below its all-time high from seven months ago.