The crypto market saw sharp gains in several tokens, including Pudgy Penguins and JasmyCoin, demonstrating the so-called Santa Claus rally.
Pudgy Penguins Token's Sharp Rise
Pudgy Penguins (PENGU) token soared by 40% on December 24, bringing its market cap to $2.26 billion. This rise was driven by a 40% jump in Pudgy Penguins NFT sales in the last 24 hours, reaching $1.38 million. A crypto whale, who received 116.7M PENGU in an airdrop, also purchased an additional 34.42M tokens without selling any.
JasmyCoin's Success in the Crypto Market
JasmyCoin, popularly known as Japan's Bitcoin, rose for the third consecutive day, reaching its highest level since December 8. Despite a large transfer of tokens to Coinbase, the total number of JASMY on exchanges dropped by 1.97% to 16.74 billion, indicating growing investor interest.
IOTA and Others Leading the Charge
IOTA also performed well on Christmas after the community supported the proposed Rebasing upgrade with a 98% vote in favor. This upgrade introduces new features like staking and smart contracts. Additionally, Algorand, Hedera Hashgraph, and Virtuals Protocol showed positive trends.
The pre-Christmas market rally showed significant growth for many altcoins, despite the risk of a potential reversal. The rise in prices, influenced by Bitcoin's growth and the seasonal rally, brings hope to investors while requiring caution to avoid traps in a declining market.
