According to on-chain data platform LookOnChain, three wallets linked to major South Korean crypto exchanges Bithumb and Upbit have accumulated 945 million PENGU tokens (worth approximately $32 million) in the past week. This brings their total holdings to 2.92 billion PENGU (about $96.73 million), representing 3.8% of the token's total circulating supply.
The massive accumulation sparked a dramatic market reaction, with PENGU's price surging by 126% and triggering over $2.8 million in short position liquidations. Analysts note that such large-scale acquisitions by institutional players often lead to significant volatility, drawing parallels to historical events involving altcoins like XRP and DOGE where whale activities caused sharp price fluctuations.
Separately, an address associated with Chinese investment firm Fenbushi Capital withdrew 4,000 ETH ($12.93 million) from Binance, while institutional entity Trend Research sold 69,946 ETH ($218.3 million) in 24 hours. Additionally, a high-risk ETH short position worth $40.7 million remains near liquidation levels.