Bittime - On December 23, 2024, the crypto market was marked by quite interesting price movements, with three altcoins dominating investors' attention. Among the currently trending altcoins are Hyperliquid (HYPE), Pudgy Penguins (PENGU), and Virtuals Protocol (VIRTUAL). Despite the overall market price decline, these three coins are still interesting to watch. Let's discuss why the PENGU token went viral along with these two new coins.
Hyperliquid (HYPE): Eroded by Alleged Hacking
Hyperliquid (HYPE) is a token of the decentralized exchange platform Hyperliquid. Previously, HYPE had recorded a price spike that attracted the attention of many people. However, this time HYPE has experienced a sharp decline of 14.70% in the last 24 hours.
According to reports, the cause of the HYPE price drop this time is suspected to be due to a hack carried out by a party connected to North Korea. The news caused investors to withdraw about $ 60 million from the Hyperliquid platform, which is about 3% of the total assets. This created negative sentiment that affected the HYPE price, which is now threatened to fall further if the selling pressure continues.
Also read: Getting to Know PENGU: Token from Pudgy Penguins NFT
Pudgy Penguins (PENGU): Consolidating Around $0.27
Pudgy Penguins (PENGU) token is also getting attention. Although PENGU price did not experience a significant surge, this altcoin still shows interesting activity. PENGU price is currently stable around $0.27 and consolidating in that range.
Source: Trading View
On the 1-hour chart analysis, the Relative Strength Index (RSI) indicator shows that the market for PENGU is neither too bearish nor too bullish. This means that market sentiment is neutral. PENGU may continue to be in the price range of $0.025 to $0.030. However, if buying pressure increases, the price of PENGU could rise towards $0.050. Conversely, if selling pressure is dominant, the price of PENGU has the potential to fall below $0.020.
Also read: PENGU Coin Airdrop: How to Claim, Distribution Amount, and Pre-Market
Virtuals Protocol (VIRTUAL): Interesting Price Gain
Unlike the previous two altcoins, Virtuals Protocol (VIRTUAL) actually recorded a significant price increase of 6.90% in the last 24 hours. This increase occurred after the price of VIRTUAL was maintained at the support level of $ 2.25, which then pushed the price up to $ 2.67.
VIRTUAL is facing resistance at $2.83, and if it manages to break through this level, it is likely that the price of VIRTUAL could continue to rise towards $3.32. However, if the resistance cannot be overcome, the price of VIRTUAL could fall back towards $2.03.
Conclusion
Of the three trending altcoins today, each coin has a different story and market dynamics. Hyperliquid (HYPE) is facing pressure due to an alleged hack, while Pudgy Penguins (PENGU) is still moving in a fairly stable consolidation. Meanwhile, Virtuals Protocol (VIRTUAL) is showing interesting upside potential. For those of you who want to follow the development of this altcoin, make sure to continue to monitor market movements and developing sentiment.
PENGU Airdrop FAQ
What is PENGU?
PENGU is the native token of the Pudgy Penguins ecosystem that will be launched on the Solana network. The token is designed to strengthen community relationships and expand the reach of the Pudgy Penguins brand.
Who is eligible for the PENGU airdrop?
The PENGU airdrop will be given to holders of Pudgy Penguins, Lil Pudgys, and Pudgy Rods NFTs, as well as several other Web3 communities that participated in the token distribution.
How to claim PENGU tokens?
Once PENGU launches, eligible NFT holders will have 88 days to claim their tokens. Further instructions will be announced by the Pudgy Penguins team.
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Reference
Beincrypto, Why These Altcoins Are Trending Today — December 23 , accessed December 24, 2024.
Blockchain Magazine, Top 3 Analyst Prediction of Pengu Coin , accessed December 24, 2024.
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