PENGU, Jasmy, IOTA and Algorand prices surge, Christmas surprise begins?

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The cryptocurrency industry is experiencing a Santa Claus rally, with some major altcoins seeing double-digit gains.

On December 24, the recently airdropped token Pudgy Penguins (PENGU) surged by 40%, reaching a market capitalization of $2.26 billion. Data shows that Pengu's NFT sales increased by 40% in the past 24 hours, reaching $1.38 million, which led to an increase in Pengu's market cap as well. Additionally, Pengu's market cap rose after a large whale continued to accumulate more PENGU tokens.

JasmyCoin Jasmy 10.7% JasmyCoin, known as the Japanese version of Bitcoin, has risen for the third consecutive day, reaching its highest level since December 8. This rally occurred even after a large whale transferred over $1.4 million worth of Jasmy tokens to Coinbase. The transfer of tokens to exchanges by cryptocurrency holders is the first step in liquidation. 

On the positive side, data shows that more and more investors are moving tokens off exchanges. On December 24, the number of JASMY tokens on exchanges decreased by 1.97% to 16.74 billion. A week ago, the number of JASMY tokens on exchanges was over 17 billion. 

IOTA (IOTA) is one of the best-performing tokens on Christmas Eve, rising for the third consecutive day. This increase occurred after community members completed voting on the Rebased proposal. 

98% of IOTA token holders voted in favor, as the upgrade will introduce more features, such as staking, mobile-based smart contracts, and fast transaction speeds. IOTA aims to become a major player in the blockchain industry, competing with companies like Ethereum and Solana.

Algorand algorithm 5.51% Other well-performing cryptocurrencies include Hedera Hashgraph, Virtuals Protocol, and Curve DAO Token.

As Bitcoin remains stable and breaks through the resistance level of $97,000, these tokens are also rising. Historically, most altcoins perform well when Bitcoin rises.

However, the ongoing rally may just be a dead cat bounce, and this risk still exists. The upward trend of Bitcoin and most altcoins will mostly be confirmed upon breaking December's highs.

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