In the next month, the market will undoubtedly focus on the Trump and Musk series of concept tokens, especially before and after Trump officially takes office. This field is very likely to set off a new round of market boom. At the same time, the concept series of Wall Street institutions cannot be ignored, among which Grayscale Fund has attracted much attention. Since Grayscale Fund's strong involvement in ZEN, the violent fluctuations in the cottage sector seem to be about to kick off in the short term.
In addition, some astute investors may have noticed the recent dynamics of exchange tokens. BGB and GT have already set new historical highs. Previously, BNB and HTX also set new highs. Going back further, OKB also had an outstanding performance before March this year. If we observe the price trends of these exchange tokens since October this year, except for OKB, other exchange tokens have successively set new highs, even HTX, which had a slightly weak performance before.
For investors who have experienced the last bull market, they should understand that the early rise of platform tokens often indicates that the rotation of altcoin markets has begun. After the established mainstream coins, platform tokens typically experience a concentrated and high-intensity explosion before the unpartitioned altcoins. Therefore, we can say that the trend of platform tokens is, to some extent, a barometer of the rotation of altcoin markets.
Purchasing these cryptocurrencies in 2024 could yield a 100% return!
1.MOVE
The MOVE token has successfully attracted wide market attention due to its outstanding performance. Since its debut on December 9, MOVE has shown strong upward momentum. In the past 24 hours, it achieved a 9.18% increase, bringing its weekly growth rate to an astonishing 53.76%. Currently, MOVE's price hovers around $1.15 and seems poised to break through the classic 'cup and handle' pattern, which is often seen as a signal for further price increases.
On December 20, MOVE had the highest increase among the top 100 cryptocurrencies, once climbing to $0.877 during the session and closing near a market capitalization of $2 billion. This surge was accompanied by a significant increase in daily trading volume, reaching 63%, exceeding $1.6 billion, indicating strong interest from traders in MOVE. Additionally, data from CoinGlass shows that the open interest in the MOVE futures market has surged to an all-time high of $103.93 million, more than double the previous day's $56.03 million.
The rapid rise of MOVE is mainly attributed to its partnership with the well-known digital asset custody and security provider BitGo. This collaboration has brought WBTC (Wrapped Bitcoin) to Movement's mainnet, thereby expanding its DeFi ecosystem. By incorporating WBTC, Movement aims to provide users with more asset utilization, liquidity provision, and participation in decentralized financial services. Additionally, the launch of the Movement mainnet two weeks ago has played a crucial role in its development. As a Layer 2 network supported by MoveVM, Movement allocated a portion of MOVE tokens to early adopters and community members, further igniting market enthusiasm.
Although the prospects of MOVE seem promising, traders still need to remain vigilant. If MOVE cannot break through the current resistance level, it may trigger a short-term pullback and could find support around $0.83. However, once MOVE successfully breaks through, it may continue its impressive upward trend.
2.TON
Currently, the price of Toncoin (TON) is fixed at $5.74, with an 8.85% increase over the past 7 days. Its total market capitalization has reached $14.65 billion, an increase of 3.44%, while the trading volume in the last 24 hours has hit $223.72 million, rising by 4.19%. The total supply of TON is 5.11 billion, with 2.55 billion in circulation, and the fully diluted value (FDV) of the token is estimated at $29.38 billion.
The Open Platform (TOP) recently launched the TON Space custody wallet service and successfully completed its testing phase. This news was announced by TOP's CEO Andrew Rogozov at the Gateway event in Dubai, where he also showcased a complete self-custody wallet platform. During the testing phase, TON Space attracted over 100 million Telegram users to create self-custody wallets, which accounts for about 10% of the total Telegram user base.
After updates, the TON Space platform offers a smoother navigation experience, enabling users to easily switch between custody and non-custody wallets. These optimizations not only simplify the registration process for new users but also significantly enhance the platform's usability.
3.PENGU
The PENGU token has created significant waves in the cryptocurrency space, showcasing its immense potential to deepen the connection between the Pudgy Penguins brand and its global fanbase. This token initially debuted on the Solana network, with plans to add compatibility with Ethereum and Igloo (a Layer 2 abstract chain on Ethereum) in future version iterations, thereby enhancing its cross-chain capabilities and broadening its application scenarios.
In the past 24 hours, the PENGU token has increased in value by 3.5%, with a weekly growth rate of up to 30%, and an astonishing 681.47% growth this month. This surge is attributed to a series of significant developments, including a successful listing on centralized exchanges and the active influx of large holders (whales). Notably, South Korea's second-largest cryptocurrency exchange, Bithumb, announced the addition of the PENGU/KRW trading pair, officially starting trading at 5 PM on December 24, 2024, Korean time, marking an important milestone in the development of Pudgy Penguins. This listing significantly enhanced liquidity and attracted more traders' attention, further fueling the upward momentum of the token.
In just 24 hours, the PENGU token successfully broke through the previous resistance level of $0.03026, climbing to the current price of $0.03907. Currently, the token is within the resistance range of $0.03026 to $0.03984. If it can successfully surpass this range, its next target resistance levels will be $0.042 and $0.0472, indicating approximately 21% upside potential from the current price.
4.NEAR
The NEAR protocol, as a decentralized first-layer blockchain platform, aims to facilitate the convenient construction and efficient application of decentralized applications (dApps). The platform is favored by developers due to its deep focus on scalability, ease of use, and user-friendly tools.
One of its highlights is the innovation in sharding technology: NEAR has introduced an advanced sharding strategy called 'Nightshade,' aimed at achieving extraordinary scalability. Additionally, NEAR offers developers friendly tool support, including compatibility with programming languages such as Rust and JavaScript, simplifying the dApp development process. The platform also employs a Proof of Stake (PoS) consensus mechanism, aiming to reduce carbon footprints and demonstrate a friendly attitude toward the ecological environment.
Although NEAR has made significant progress on a technical level, its market capitalization remains at several billion dollars, which somewhat limits its price appreciation potential. However, in the best-case scenario, this token is still expected to offer investors a potential return of 2 to 3 times.
5.SUI
SUI, as a prominent representative of the MOVE system project, enjoys a strong capital backing due to its distinguished background (meta lineage) and its identity as an American project. In the realm of public chain technology, SUI stands out with unparalleled speed, being hailed as the fastest public chain today.
As the cornerstone of the web3 industry, the performance and capacity of public chains play a crucial role in the future development of the industry. Looking back at the evolution of public chains, SUI is very likely to become a standout in the fourth generation of public chains.
Although SUI has already shown a good development momentum, the activity level of its ecosystem still needs improvement. Currently, Tether has yet to launch USDT on SUI, which somewhat limits the liquidity of funds. However, this also provides SUI with significant growth potential, indicating limitless possibilities for its future.
