The crypto market has seen a cascade of sell-offs over the past 24 hours, with several altcoins falling to levels not seen in a week. As a result of the widespread decline, two of the three most popular altcoins today (19) saw their prices decline significantly.
One of these two has just launched and had its Token Generation Event (TGE). Fortunately, the third altcoin in the spotlight has surged significantly. According to CoinGecko, the altcoins in the spotlight today (19) include Fuel Network (FUEL), Akuma Inu (AKUMA), and Pudgy Penguins (PENGU).
Fuel Network (FUEL)
Fuel Network is a project built as an optimistic rollup on Ethereum, with FUEL as its native cryptocurrency. The token is one of the altcoins in the spotlight today because it had its TGE. Fuel Network also announced that it will distribute 10% of its total supply to its early adopters.
FUEL price launched around $0.069. However, it has since dropped by 30.50% and is now trading at $0.046. This decline could be linked to the broader altcoin decline and sentiment that the distribution could lead to increased selling pressure.
At the time of writing, the Layer-2 project’s market cap stands at $163.52 million. This could increase if buying pressure increases. However, the decline could continue if the altcoin faces increased selling as recipients receive their distribution.
Fuel Network Price Chart. Source: TradingView
Akuma Drinks (AKUMA)
Unlike FUEL, Akuma Inu, a memecoin built on the Base network, is one of the altcoins that has been trending due to its price surge. In the last 24 hours, the price of AKUMA has increased by 53.60%, mainly due to increased buying pressure.
At the time of this post, the price of AKUMA is $0.00023. However, if memecoin continues to attract attention, the price could be higher.
However, traders need to be careful. If current AKUMA holders take profits, the trend may change and the altcoin’s value may drop below $0.00020.
Akuma Inu Price Chart. Source: CoinGecko
Pudgy Penguins (PENGU)
Third on the list of altcoins featured today (19) is PENGU, the native token of the Pudgy Penguins NFT collection. On December 18, PENGU was also part of the featured cryptos due to its distribution earlier in the week.
Like the sell-off you experienced before, PENGU price has again decreased by 5.50% in the last 24 hours. At the time of reporting, the price of the altcoin is $0.032. From the looks of it, it is in price discovery mode.
Pudgy Penguins 1-Hour Analysis. Source: TradingView
If selling pressure increases, the Pudgy Penguins token could drop to $0.026. However, if new liquidity flows into the cryptocurrency, the value could rise to $0.040.
The article Why Are These Altcoins Trending Today, 12/19/2024? was first seen on BeInCrypto Brasil.
