New Year Rally: How Altcoins Experience Double-Digit Gains

by Giorgi Kostiuk

a year ago

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.

The whale spent 5,250 SOL ($1 million) to buy an additional 34.42M PENGU and now holds a total of 151.12M PENGU ($5.08 million).Lookonchain

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.

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