Pudgy Penguin News: Upbit Lists PENGU on Major Markets

Pudgy Penguin News: Upbit Launches PENGU on KRW, BTC, USDT Markets

The biggest cryptocurrency exchange of South Korea, Upbit has listed PENGU token, which is a part of the Pudgy Penguins NFT series. The USDT (Tether), BTC (Bitcoin), and KRW (Korean Won), offering investors different ways to trade this token. The announcement was published on May 9 on Upbit, and the trading started at 6 PM KST the same day.

Source: Upbit

PENGU is a meme coin launched by the team behind Pudgy Penguins, a popular NFT project featuring cute penguin profile images. These NFTs have gained strong presence in both the Web3 and Web2 worlds because of brand deals and merchandise like plush toys, and significant online exposure.

The PENGU token was launched to increase activity in the Pudgy Penguins ecosystem. As NFTs have limited supply, this token can be used by the people as a way to join the ecosystem. The coin does not have much utility on its own, but it can be beneficial as the project grows.

Trading Details on Upbit

According to Upbit’s announcement, users can trade PENGU using KRW, BTC, and USDT. Deposits and withdrawals are only supported through the Solana network. Upbit warned users to double-check the network before sending tokens, as using the wrong network could cause issues or delays.

Deposits started within two hours of the listing announcement, and trading started at 6 PM KST. To protect users from price manipulation, Upbit placed a few short-term trading limits:

• For the first 5 minutes, buy orders were paused.

• Sell orders were blocked if set 10% below the previous day’s closing price.

• For 2 hours after listing, only limit orders were allowed.

These rules are meant to ensure a smoother launch and prevent extreme price swings right after listing.

PENGU’s Market Surge

The currency is currently trading at $0.01526 and has seen an increase of 6.65% in a day, and 45.80% in a week. Looking at the monthly chart of the token there is a persistent growth in the price with the rate of 277.67%. The trading volume has also seen a significant increase, up 70% in just 24 hours. The current market cap sits around $959.33 million as per the reports of CoinMarketCap. The figures depict strong interest from the investors.

Source: CoinMarketCap

The rise in the value of this coin, follows a steady climb in the floor price of Pudgy Penguins NFTs, demonstrating how prices of the token and NFT popularity are often connected. As the Pudgy brand grows, so does the interest in everything linked to it, including PENGU.

Final Thoughts

The PENGU listing on Upbit is a major step for the Pudgy Penguins project. It opens the doors for more investors in Korea and beyond to take part in the growing community. With increasing prices, growing volume, and growing awareness, the PENGU coin may have a larger role to play in the Web3 universe in the future.

However, as with all meme coins, it's best to remain careful and conduct your own research. But for now, the penguins are on the move, both in NFTs and tokens.