PENGU Price Increases After Listing on Bithumb: Is Uptrend Sustainable?
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Pudgy Penguins (PENGU) has seen a 20% price increase after it was listed on Bithumb, South Korea's leading cryptocurrency exchange, reflecting strong interest in the token. The listing allowed PENGU to gain wider adoption, especially in the Korean market, further fueling its gains. However, whether investors can sustain this rally will need to be monitored by several factors.
Bithumb listing drives PENGU price up
On December 24, Bithumb announced the inclusion of Pudgy Penguins (PENGU) in its Korean won market, providing deposit and withdrawal services for Solana-based PENGU tokens, and is scheduled to start trading that day. Following the announcement, the price of PENGU surged 20%, from $0.02573 to $0.03157. The listing brings PENGU wider market attention, especially among cryptocurrency enthusiasts in South Korea, further boosting its market demand.
Strong community support and transaction volume
The PENGU token has gained significant traction due to strong community support and recent market activity. The project has surged 700% since its initial launch, showing strong demand for it. In addition, PENGU’s futures market trading activity has also increased significantly, with futures trading volume reaching $687 million and open interest reaching $115 million, indicating the token’s increasing appeal in the derivatives market.
The rise in PENGU token is likely to continue, but whether it can remain strong depends on a few key factors:
Sustainability of community support: Whether the community support of the token can be maintained in the long term will directly affect the stability of the price.
Changes in market sentiment: As more investors focus on PENGU, fluctuations in market sentiment may have an impact on the price.
Support from platforms other than Bithumb: If other major exchanges follow suit by supporting PENGU, it could accelerate its price increase.
Nod your head to live and watch the live broadcast to catch the bull market!
