Bithumb, a major cryptocurrency exchange, has announced the listing of Huzzy Penguin (PENGU) for trading against the Korean Won (KRW).
The listing, scheduled on Tuesday, December 24, 2024, at 5:00 PM local time, comes with specific technical parameters.Â
The exchange has set a base price of 43.89 won and requires 20 deposit confirmations for transactions.
The listing specifically supports the Solana network, with explicit notification that deposits via other networks are not supported.
The implementation includes a preparation period, with deposit and withdrawal functionalities scheduled to begin within two hours of the announcement posting.
PENGU’s Market Performance and Valuation
Following the listing announcement, PENGU has demonstrated significant market momentum, recording a notable 12.14% price increase over 24 hours.
The token is currently trading at $0.03012, with an impressive 24-hour trading volume of $475,118,661.
The market activity has contributed to PENGU’s substantial market capitalization of $1,861,069,939, supported by a circulating supply of 63 Billion PENGU tokens.
The positive price movement extends beyond the immediate 24-hour window, showing sustained growth over the past week, indicating strong market confidence in the token’s fundamentals and potential.
Also Read: Bithumb Unveils BEAM & AUCTION Pairs For South Korean Markets; Tokens Trade Up 3%
Comparative Analysis of Recent Bithumb Listings
The impact of Bithumb’s KRW pair listings has been consistently positive across various tokens. Goatseus Maximus ($GOAT) experienced a 4% surge following its listing announcement, currently trading at $0.7101 with a 1.92% daily increase.
SUNDOG, a Tron ecosystem meme coin, saw an even more substantial gain of 11.3%, reaching $0.2033 after its listing announcement.
The token’s utility extends to community transactions and Telegram-integrated trading via Sunbot. Similarly, SKALE (SKL) and BounceBit (BB) recorded impressive gains of 15% and 22% respectively upon their Bithumb listing announcements, with SKL focusing on scalable dApp transactions and BB supporting auctions and DeFi services.
Market Implications and Trading Significance
The pattern of positive price movements following Bithumb’s KRW pair listings demonstrates the significant impact of major exchange listings on token valuations.
PENGU’s 12% rally aligns with this trend, suggesting strong market reception and potential for sustained growth.
The high trading volume indicates robust market participation and liquidity. The varied use cases of the listed tokens, from meme coins to utility tokens, shows Bithumb’s diverse listing strategy and the Korean market’s appetite for different cryptocurrency segments.
The listing trend highlights the growing importance of the Korean cryptocurrency market and Bithumb’s role in providing trading pairs that bridge traditional finance (through KRW) with various cryptocurrency projects.
Also Read: South Korean Lawmakers Probe Avail’s Mysterious Trading on Bithumb