South Korea’s leading cryptocurrency exchange, Upbit, has officially announced the listing of PENGU (Pudgy Penguins) for trading in Korean Won (KRW), Bitcoin (BTC), and Tether (USDT) pairs.
Trading for these pairs will commence at 18:00 KST on May 9, and deposits and withdrawals will be enabled within two hours of the notice.
The announcement sparked a 22.86% surge in the token’s price, pushing it to $0.01567, while the trading volume soared to nearly $486 million in 24 hours.
The move marks a significant boost in visibility for PENGU, a meme coin connected to the popular Pudgy Penguins NFT collection.
Key Trading Restrictions and Technical Guidelines
To ensure a stable trading environment at launch, Upbit has applied several restrictions.
Buy orders will be limited for the first five minutes after trading begins, while sell orders priced 10% below the previous day’s closing price will also be restricted during that same period.
For the first two hours, only limit orders will be permitted; all other order types will be temporarily disabled.
The contract address for PENGU on Upbit is confirmed as 2zMM…gnBouauv, and deposits or withdrawals are only supported through the Solana network.
Users are strongly advised to double-check this information, as incorrect deposits may result in significant delays or losses.
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Background on the PENGU Token and Its Ecosystem
PENGU is a fungible token (FT) developed by the Fungible Penguin team as an extension of the Pudgy Penguins NFT collection, a well-known PFP (profile picture) project in the Web3 space.
The token was created to address the limited scalability of the original NFT collection and foster deeper community engagement.
Although PENGU currently has no built-in utility, it is widely viewed as a meme coin with strong cultural relevance and community backing.
The creators aim to expand the token’s utility over time, leveraging collaborations, IP licensing, and physical product sales like toys to bridge the Web2 and Web3 audiences.
Soaring Market Cap Reflects Investor Confidence
The listing has significantly enhanced PENGU’s market presence, propelling its market cap to nearly $987 million with a circulating supply of 63 billion tokens.
The growth follows a 48.15% increase in price over the past week prior to the recent 22.86% price surge in 24 hours, showing robust investor interest driven by increased accessibility through a major exchange like Upbit.
The listing aligns with a broader trend of meme coins gaining serious market traction, where strong branding, community, and NFT integration fuel speculative and strategic demand alike.
As liquidity and exposure increase through KRW, BTC, and USDT trading pairs, PENGU is likely to attract a wider investor base.
Also Read: Upbit Alerts Investors as sUSD Depegs, SNX Declared Risk Asset
Upbit Enforces New KYC Rules Ahead of Major Token Launch
In a related update, Upbit announced stricter identity verification (KYC) policies, set to take effect May 13, 2025.
The exchange will begin restricting deposit and withdrawal access one hour before a user’s KYC deadline, rather than at midnight on the date itself.
The tighter enforcement is meant to comply with local financial regulations and prevent misuse. Users are strongly encouraged to complete their identity verification in advance to avoid service interruptions.
With PENGU trading on the rise, ensuring account compliance will be essential for users aiming to trade or withdraw without disruption during this high-activity period.
Also Read: South Korea’s Upbit Adds $DEEP Trading Pair, Sparks Price Rally to 32%