Korea’s leading crypto exchange Upbit has announced a list of Pudgy Penguins (Pengu) in KRW, BTC and USDT exchanges, expanding it to one of the NFT-themed meme tokens that are most recognised by investors.
Upbit lists Pudgy Penguins (Pengu) for trading in KRW, BTC and USDT markets
Included on this list is the latest indication of expanding market support for Memecoin with strong community support and brand awareness.
Pengu’s deposits and transactions will soon begin, with certain precautions and temporary restrictions in place to ensure smooth market entry, according to Upbit’s announcement.
Upbit reminds users to carefully check network compatibility before depositing Pengu. Incorrect deposits can require a long recovery process.
Under Korean travel rules, Pengu transfers are only accepted from the wallets of individuals with whitelists linked to a verified virtual asset service provider (VASP) or verified users.
Large or suspicious deposits may require users to provide proof of funds under Upbit’s compliance framework.
What is a pen?
Pengu is an alternative token created by the team behind Pudgy Penguins.
Originally launched as a PFP (profile photo) collection, Pudgy Penguins has gained mainstream popularity by expanding into the Web2 market through toy sales, brand collaborations and products.
Pengu tokens have been introduced to overcome scalability limitations in the fixed-supply NFT model and aim to increase community engagement.
Pengu is currently categorized as a Meme Coin with no official use cases, but Upbit points out that projects can evolve to integrate token use cases as the ecosystem matures.
With an entry into Upbit, Pengu is taking part in a growth list of memes and community-centric tokens that are attracting attention both by individuals and institutional crypto investors.
*This is not investment advice.