The highly anticipated launch of Pudgy Penguin’s token, $PENGU , on the Solana blockchain, accompanied by a massive airdrop, failed to sustain its momentum as the token’s value plummeted by over 54% within 24 hours. After an initial surge to $0.068, PENGU dropped to $0.031 under heavy selling pressure from top holders.
The broader meme coin market also faced significant losses over the same period. Leading tokens like Dogecoin, $SHIB , and $PEPE saw declines of 4%, 4.3%, and 6.3%, respectively. According to CoinGecko, the meme coin market cap fell to $127 billion, marking a 3.5% decline in just 24 hours.
Wallets associated with PENGU have offloaded 176 million tokens, raising concerns about substantial sell-offs following the token's Binance listing.
Additionally, one wallet received 888 million tokens shortly before the airdrop claim, prompting questions about the fairness of token distribution and its potential impact on market dynamics.
Litecoin and Hedera ETFs Likely to Launch Ahead of Solana and XRP
Exchange-traded funds (ETFs) for $LTC and Hedera are expected to debut sooner than those for Solana and XRP, as the former face fewer regulatory obstacles.
However, market demand for Litecoin and Hedera ETFs remains uncertain, with limited interest from issuers. In contrast, $XRP and $SOL ETFs have seen multiple filings, highlighting stronger interest despite delays stemming from ongoing legal challenges.
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For the first time in nearly eight years, $SOL Solana has surpassed Ethereum as the top ecosystem for new developers. A report by Electric Capital, released on December 12, highlights that more developers are now choosing Solana over Ethereum, signaling a major shift in the blockchain landscape.
Solana’s rapid ascent has garnered global attention, especially among developers in Asia, where the platform has experienced remarkable growth, further solidifying its position as a leading player in the blockchain space.
Cardano Sees Surge in Whale Activity, Fueling Bullish Price Projections of $2
Cardano has recorded 687 whale transactions exceeding $1 million within 24 hours, signaling growing institutional interest in the cryptocurrency.
Analysts project that $ADA could reach $1.46, $1.76, and $2.04 if the current bullish momentum continues.
Prominent crypto analyst Gambardello has forecasted an even more ambitious price range for ADA, predicting it could rise to $3 to $14 during a supercycle, driven by a potential market cap of $500 billion.
Avalanche has rolled out its most significant upgrade to the mainnet, marking a major milestone for the network.
This upgrade aims to scale DeFi operations and reduce costs for blockchain-based gaming, enhancing user experience and network efficiency.
The launch has sparked positive momentum for $AVAX , with its price reacting favorably. Analysts now project that AVAX could reach $70 in the near future.
Binance has announced its support for the upcoming Terra Classic $LUNC v3.3.0 network upgrade.
The v3.3.0 upgrade introduces simplified tax handling and enhanced utility, marking a key step forward for the network's development.
Currently, both LUNC and USTC are trading above their support levels, with market analysts anticipating a potential price surge following the successful implementation of the upgrade.
In the latest XRP updates, Ripple whales have accumulated over 830 million coins within the past day, signaling a significant accumulation trend.
This surge in whale activity has fueled market optimism, driving an 8% increase in XRP's price. Investors are also closely watching the launch of Ripple’s enterprise-grade stablecoin, RLUSD, set to debut later today, which is expected to influence XRP's value further.
Adding to the excitement, a leading market expert has hinted at the possibility of an XRP rally to $9, sparking speculation of a strong upward trajectory for the token.
“RLUSD will be initially available on Uphold, Bitso, MoonPay, Archax, and CoinMENA. With additional listings on platforms such as Bullish, Bitstamp, Mercado Bitcoin, and Independent Reserve. Zero Hash, and others expected in the coming weeks. Each RLUSD token is fully backed by U.S. dollar deposits, U.S. government bonds, and cash equivalents. Designed to ensure its stability, reliability, and liquidity. To maintain the highest standards of transparency. Ripple will publish monthly, third-party attestations of RLUSD’s reserve assets, conducted by an independent auditing firm.”
According to CoinCodex, SHIB is gearing up for a notable price surge, with projections suggesting the token could rise to $0.00005 by December 20, 2024. This anticipated upward momentum highlights growing interest and market activity around SHIB as it continues to capture attention within the cryptocurrency community.
However, this bullish trend may not sustain into the end of the year. CoinCodex predicts a potential decline in SHIB's value, with the token possibly dropping to a low of $0.00002802 by December 31, 2024. This projected downturn suggests a period of market correction, which could be influenced by broader market dynamics or profit-taking activities by investors after the anticipated mid-December rally.
Despite this potential short-term dip, SHIB's ability to hit significant price milestones reflects its ongoing relevance and resilience in the highly competitive crypto space. Investors may want to keep a close watch on the token's performance and market sentiment as the end of the year approaches.
Ethereum's largest whale wallets now control 57% of the total Ether $ETH supply, reaching an all-time high in whale dominance within the Ethereum ecosystem.
Data from blockchain analytics platform Santiment reveals that the top 104 whale wallets, each holding over 100,000 ETH, collectively manage approximately $333 billion worth of Ether.
This accumulation trend among major holders reflects growing confidence in Ethereum, the second-largest cryptocurrency by market capitalization.
104 wallets hold 53.35% of all Ethereum coins, which amounts to approximately $333 billion.
📌 It’s also worth noting that wallets with balances between 100 and 100,000 ETH hold 33.46% of the total supply, while wallets with less than 100 ETH hold 9.19%. Both figures are at their lowest levels in recent years.
Experts believe this signals a bullish trend for ETH, as more accounts are accumulating coins.
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KAIA is expected to break its all-time high ATH and surge to $0.45 soon. Currently trading at $0.2678, KAIA is down 7.03% today, after reaching a low of $0.2295 and a high of $0.3002
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HODLer Airdrops Token Rewards: 1,143,000,000,000 CAT (12.7% of max token supply)
Current Circulating Supply: 6,749,954,917,916 CAT (75% of total supply)
Circulating Supply upon Listing on Binance : 7,892,954,917,916 CAT (88% of max token supply)
Smart Contract Details: BNB Chain (0x6894CDe390a3f51155ea41Ed24a33A4827d3063D). Please note that both CAT and 1000CAT on the Solana network will not be supported.
Research Report: Simon's Cat (1000CAT) (will be available within 24 hours of publishing this announcement)
Per User Reward Hard Cap: User’s Average $BNB Holding / Total Average BNB Holdings * Total HODLer Airdrops Rewards * 100% ≤ Total HODLer Airdrops Rewards * 4%