Santa delivers as PENGU, Jasmy, IOTA, and Algorand prices surge

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As a seasoned researcher with over two decades of experience in the ever-evolving world of cryptocurrencies and blockchain technology, I find myself constantly intrigued by the unpredictable nature of this dynamic market. The recent Santa Claus rally in the crypto industry, as evident from the double-digit gains in some big altcoins, is a testament to the market’s resilience and its propensity for surprise.

In the realm of cryptocurrencies, a surge reminiscent of the traditional Santa Claus rally occurred, with several significant altcoins recording impressive double-digit increases.

On December 24th, the newly distributed token called Pudgy Penguins (PENGU) experienced a significant surge of 40%, which boosted its market capitalization to an impressive $2.26 billion. This upward trend followed data indicating that sales of its NFTs skyrocketed by 40% over the past 24 hours, reaching a total of $1.38 million. Additionally, the rally was also fueled by a significant whale’s continued interest in acquiring more PENGU tokens.

Today, a whale received an airdrop worth approximately 3.52 million dollars in $PENGU, which is equivalent to about 116.7 million $PENGU. This whale then invested 1 million dollars in SOL (Solana) to acquire an extra 34.42 million $PENGU! So far, the whale has not sold any $PENGU and now holds a total of 151.12 million $PENGU, worth around 5.08 million dollars.

— Lookonchain (@lookonchain) December 24, 2024

Over three days, the price of JasmyCoin (JASMY), often referred to as Japan’s equivalent of Bitcoin, experienced a third straight increase and reached its highest point since December 8. This surge occurred despite a large investor transferring over $1.4 million worth of Jasmy tokens to Coinbase. Typically, crypto owners move their coins to an exchange as a preliminary step towards selling or liquidating their holdings.

In the realm of my research, it appears that there’s an increasing trend among investors moving their JASMY tokens off exchanges. As a matter of fact, on December 24th, I observed a decrease of approximately 1.97% in the number of JASMY tokens held on exchanges, bringing the total down to about 16.74 billion. Interestingly enough, just a week prior, the exchanges were holding over 17 billion JASMY tokens.

On Christmas Eve, IOTA (IOTA) stood out among other coins with a steady three-day surge in its value. This upward trend occurred following the successful conclusion of the community vote on the Rebased proposal.

Approximately 98% of IOTA token holders supported the proposal for an upgrade that brings additional features such as staking, geographically-triggered smart contracts, and swift transaction rates. IOTA aims to establish itself as a significant contender in the blockchain market, positioning itself alongside heavyweights like Ethereum and Solana.

Among the other leading performers in the cryptocurrency market were Algorand (ALGO), Hedera Hashgraph, Virtual Protocol, and Curve DAO Token.

These digital coins increased when Bitcoin maintained its position and surpassed the $97,000 resistance point. Typically, altcoins perform well when Bitcoin is on an upward trend. The recent surge can also be attributed to the traditional “Santa Claus rally,” which refers to assets increasing a few days before Christmas. Similar trends were observed in the stock market as the Dow Jones, Nasdaq 100, and S&P 500 also rose.

Despite the current upward trend appearing robust, there’s a possibility it might just be a false recovery – often referred to as a ‘dead cat bounce’. A DCB is essentially a brief spike that occurs when an asset is in a prolonged downtrend. The genuine uptrend for Bitcoin and most altcoins will primarily be established once they surpass their previous highs reached in December.

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2024-12-24 19:34