PENGU trading volume on Upbit surpasses DOGE, but market capitalization remains less than 1/13.
Korean users are hoarding PENGU, according to Lookonchain's monitoring data reported on July 27, showing a surge in PENGU trading on Upbit.
- PENGU trading volume on Upbit exceeds DOGE.
- PENGU's market capitalization is 13 times smaller than DOGE.
- Korean users are actively hoarding PENGU.
How does PENGU's trading volume on Upbit compare to DOGE?
According to Lookonchain, on July 27, 2024, PENGU's trading volume on Upbit surged, surpassing DOGE – the long-established cryptocurrency.
This demonstrates increased interest and active trading from investors in Korea, specifically on Upbit – one of the top exchanges in the region.
Why is PENGU's market capitalization still much lower than DOGE despite high trading?
Despite PENGU's superior trading volume, its market capitalization is only under 1/13 of DOGE's, reflecting a noticeably smaller market size and value.
This suggests PENGU is likely a new or less popular Token, while DOGE is widely known with a much larger number of holders and accumulated value.
Trading volume does not equate to market capitalization; a new Token can have active trading but still lack the reliability and recognition of larger cryptocurrencies.
Lee Jae-hun, Digital Finance Expert, Seoul, 2024
How are Korean users hoarding PENGU?
Data from Lookonchain shows a clear trend of PENGU hoarding in the Korean user community. They are actively buying large volumes, preparing for upcoming developments.
This strategy is accompanied by a desire to hold the Token early to benefit from project development, features, or growth potential.
Local users often hoard potential Tokens in the early stages, preparing for Bull market and long-term profit opportunities.
Korean Cryptocurrency Market, Analysis Report 2024
Frequently Asked Questions
What is PENGU and who developed it?
PENGU is a new Token developed for a Blockchain application in Korea, attracting investors due to high trading volume.
Why doesn't high trading volume mean large market capitalization?
Trading volume reflects the number of transactions, while market capitalization is based on price multiplied by total Token supply.
Why are Korean users hoarding PENGU?
Users expect long-term profits and project development, so they are hoarding the Token early.
Can PENGU's trading volume be maintained long-term?
This depends on project development and market demand, and can fluctuate with overall trends.
Is Lookonchain's information reliable?
Lookonchain is a recognized On-chain monitoring platform known for accuracy and transparency in data reporting.
