The Pudgy Penguins (PENGU) price has surged to an all-time high as its trading volume on Upbit has officially overtaken that of DOGE. The momentum suggests that Korean traders are turning their attention to this emerging meme coin.
PENGU Price Hits New ATH As Trading Volume Surges
The PENGU price has recorded a new all-time high of $0.0455, as it continues to gain momentum in the market. This coincided with the token flipping DOGE in terms of trading volume on Upbit, Korea’s leading exchange.
This can be highlighted in the derivatives market data. Coinglass data shows that open interest for PENGU shot up by 54% in just 48 hours, rising from $426 million to $657 million. With funding rates staying positive, it’s clear that most traders are betting on further price appreciation.
Currently, PENGU trades near $0.044, slightly off its recent all-time high of $0.046, after posting a nearly 20% daily gain. Analysts suggest that sustained investor demand could see the coin soon break past this ceiling.
PENGU Flips DOGE on Upbit as Korean Demand Soars
According to data from Lookonchain, PENGU’s daily volume has surpassed that of DOGE on Upbit, the biggest exchange in South Korea. The PENGU price grew exponentially due to this level of trading activity.
Despite this surge, PENGU’s market cap remains a fraction of DOGE’s, roughly 1/13, highlighting its room for potential growth. Market watchers say Korean traders are not only buying but consistently accumulating, adding to the bullish outlook.
Top analyst Cas Abbé shared in the meme coin’s bullish narrative. He highlighted that the token initially airdropped $1.5 billion to the community, suffered a 90% decline, and has now bounced back to new all-time highs. Abbé believes the coin could still deliver another 150%–200% gain in the next couple of months, especially as sentiment strengthens around the project’s upcoming ETF potential.
NFT Boom Fuels PENGU’s Rally
It is also worth mentioning the impact of Pudgy Penguins’ NFT growth. Weekly NFT sales grew 41% to $221.5 million, with Pudgy Penguins securing third place at $8.8 million in sales.
Meanwhile, PENGU received new attention when Ethereum NFT sales hit $157.6 million. The project’s reputation has been strengthened by collaborations with companies like Lufthansa and NASCAR, which have attracted both retail and whale buyers.
In July, whales increased their holdings by 1%, despite $66.6 million worth of PENGU moving to exchanges. Simultaneously, the crypto market’s total cap rose 1.59%, reflecting a moderate return of risk appetite.
CoinGape had earlier reported that PENGU’s community now exceeds 868,000 holders, as its momentum continues to grow. The recent activity has also made PENGU the week’s top gainer among the top 100 cryptocurrencies, reflecting increasing interest from both retail and institutional investors.
Michael Adeleke
Michael Adeleke is a passionate crypto journalist known for breaking down complex blockchain concepts and market trends into clear, engaging narratives. He specializes in delivering timely news and sharp market analysis that keeps crypto enthusiasts informed and ahead of the curve. With an engineering background and a degree from the University of Ibadan, Michael brings analytical depth and precision to every piece he writes.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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