As Bitcoin struggles around $95,000, the cryptocurrency market is showing mixed signals. Despite the overall market cap declining due to selling pressure, MOODENG, PENGU, and XRP are exhibiting optimistic trends. MOODENG's price soared during the market downturn, reaching record levels with trading volume exceeding $50 million; while PENGU showed strong potential with its price rising to $0.3730, surpassing Dogwifhat's market cap. XRP achieved a 255% increase in the fourth quarter, reflecting market optimism towards the upcoming pro-crypto U.S. leadership.
On Thursday, as Bitcoin struggled near the $95,000 mark, cryptocurrencies displayed mixed signals. Despite sellers threatening further declines, MOON DENG, PENGU, and Ripple's XRP provided optimistic updates to their communities. Let’s learn more.
MOODENG bursts in the sluggish market
Due to a global cryptocurrency market cap drop of 3.10% to $3.33 trillion in the past 24 hours, digital assets are experiencing declines today. While altcoins seem to have suffered the most, with Ethereum, Solana, and DOGE dropping up to 7% on the daily chart, MOODENG soared to record peaks. This hippo-themed digital coin is trading at $0.0002088 after a brief drop from its daily peak.
Its trading volume surged over 1000%, exceeding $50 million, reflecting the huge interest from traders driving MOODENG's performance. Meanwhile, after the news broke that Ethereum co-founder donated about $300,000 to nurture baby hippos, the price saw a remarkable increase.
PENGU's market cap surpasses Dogwifhat
Pudgy Penguins have recently performed well, ranking among the top meme tokens in the Solana ecosystem. In the past 24 hours, PENGU's price reached a new high. The bullish performance pushed the altcoin's market cap to $2.35 billion, while Dogwifhat's market cap stands at $2.01 billion.
PENGU's trading price is $0.3730, slightly down from the daily high, indicating that buyers are exhausted after a strong rally. The rise in rankings indicates a surge in popularity for PENGU in the meme cryptocurrency world. This reflects new investors joining the chubby penguin or speculating on trades.
Notably, PENGU's recent performance shows enthusiasm for its potential in use cases and adoption in the future. This trend might bring further price increases in the coming trading days. The technical outlook supports more upward trends for PENGU. After breaking out of a descending triangle, it shows bullish tendencies.
This pattern suggests a potential upward trend following a consolidation period, which could drive PENGU further up. The bullish trend will target $0.044 and then soar to the resistance level of $0.0541. This means an increase of 45% from the current price. However, the overall market sentiment remains crucial in determining PENGU's future performance.
XRP shows the best fourth-quarter performance in seven years
CryptoRank's historical data shows that the fourth quarter of 2024 is the best-performing quarter for XRP in the past seven years. This remittance token has increased by 255% in the past three months, an impressive performance not seen since 2017.
Source – Cryptorank
Further details show that XRP has surged over 1,000% this year, with December witnessing most of the gains. The alternative token's trading price is $2.18, reflecting the widespread selling pressure in the cryptocurrency space. XRP has dropped nearly 5% on the daily chart, suggesting more struggles ahead before a recovery. The broad market rebound following Trump's election has triggered XRP's rise in recent weeks.
Experts expect the upcoming pro-crypto U.S. leadership to introduce friendly regulations. Unlike the Biden administration, Donald Trump has pledged to support cryptocurrencies. This narrative supports speculation that Ripple's battle with the SEC may end early next year.
