As a seasoned crypto investor with battle-tested nerves and a knack for navigating market turbulence, I find myself in familiar territory as yet another week draws to a close amidst a significant downturn in the crypto market. With over $1 billion in liquidations within the past 24 hours, it’s a stark reminder that cryptocurrencies can be as unpredictable as a roller coaster ride at an amusement park – and just as exhilarating!
As the workweek nears its end, the cryptocurrency market has experienced a substantial drop, resulting in over $1 billion worth of liquidations during the last day. This widespread market adjustment has caused many digital currencies to plummet, with even the currently popular cryptos seeing losses.
Regardless of their falling prices, these digital assets continue to grab attention due to several factors. As reported by CoinGecko, the most buzzed-about altcoins today are Pudgy Penguins (PENGU), LUKSO (LYX), and Usual (USUAL).
Pudgy Penguins (PENGU)
Ever since its debut this week, the Pudgy Penguins token has been a hot topic. Most of this attention can be traced back to the PENGU airdrop event, which distributed tokens to numerous qualified Solana and Ethereum wallet holders.
Following its Token Release Event (TRE), the price of PENGU saw an initial surge due to high initial interest. Lately, however, there’s been a dip as its price has fallen approximately 25% over the past day.
The significant drop in value coincides with a general downturn in the market, suggesting possible selling by initial airdrop recipients or decreasing excitement about the project’s launch. Currently, the altcoin is being traded at approximately $0.024 per unit.
Yesterday, as BeInCrypto pointed out, the altcoin is still in the process of determining its fair market value – a state known as ‘price discovery’. If there’s an uptick in selling activity, the price of PENGU could potentially drop below $0.020.
Conversely, should the demand for the token surge, it may not depreciate. Rather, its value could escalate beyond $0.040.
LUKSO (LYX)
LUKSO is a project utilizing the Ethereum blockchain, with LYX serving as its native ERC-20 token. Due to growing enthusiasm for this digital currency, it’s currently among the popular cryptos. However, while the broader market is interested in this altcoin, its value has unexpectedly dropped by 16.96%.
In simpler terms, as of now, LYX is valued at $2.25, which represents a 45.22% drop compared to its value on December 4. The daily chart indicates an uptick in the volume of this cryptocurrency; however, there’s also growing signs of sellers looking to offload their holdings.
If the current pattern persists, the value of the altcoin might drop down to $1.55. But, if there’s a surge in buying interest, this trend could flip. Under such circumstances, the token could potentially rise to $3.11.
Usual (USUAL)
In simpler terms, the token named USUAL, which is used for governing a decentralized stablecoin platform that recently went live on the main network, is currently one of the popular cryptocurrencies. The surge in interest isn’t just because the project has been launched – there are other factors contributing to it as well.
Today, it came to light that the account of American entrepreneur and politician Vivek Ramaswamy, who was previously linked to Twitter, has allegedly been hacked. Subsequently, a message from his account announced a partnership between his Department of Government Efficiency (D.O.G.E) initiative and USUAL.
Unexpectedly, the announcement sent USUAL’s price soaring temporarily due to heightened speculation about the collaboration. But, it turned out that the post was fake news, causing a quick adjustment in the token’s worth.
Looking at the 4-hour chart, the value of the altcoin, which was previously moving upwards within a rising channel, has unexpectedly dropped. If this downward trend persists, the altcoin might fall to approximately $0.84. On the flip side, if buying activity picks up, the token could potentially surge to around $1.65.
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2024-12-20 17:38