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Christmas Eve Sees Notable Gains in Crypto Market with Altcoins Surging
The cryptocurrency market experienced a notable rally on Christmas Eve, with several altcoins achieving double-digit gains. This phenomenon, known as the Santa Claus rally, typically occurs a few days before Christmas, and this year’s event saw some significant movements in the market.
Pudgy Penguins Token Sees 40% Gain
The recently airdropped Pudgy Penguins (PENGU) token saw a significant surge of 40% on December 24, bringing its market capitalization to $2.26 billion. This rally was largely driven by a 40% increase in NFT sales over the last 24 hours, reaching $1.38 million. Additionally, a major whale continued to accumulate more PENGU tokens, further fueling the rally.
A major whale, who initially received an airdrop of 116.7 million PENGU tokens (valued at $3.52 million), spent 5,250 SOL (valued at $1 million) to purchase an additional 34.42 million PENGU tokens. The whale now holds a total of 151.12 million PENGU tokens, valued at $5.08 million, without selling any of its holdings.
JasmyCoin and IOTA Also See Notable Gains
JasmyCoin (JASMY), often referred to as Japan’s Bitcoin, rose for the third consecutive day, reaching its highest level since December 8. This rebound occurred despite a major whale moving Jasmy tokens worth over $1.4 million to Coinbase, a common precursor to liquidation. However, data shows that more investors are moving their tokens away from exchanges, with JASMY tokens on exchanges dropping by 1.97% on December 24.
IOTA (IOTA) also experienced a significant surge, jumping for the third consecutive day after community members completed voting on the Rebased proposal. Over 98% of IOTA token holders voted in favor of the upgrade, which will introduce features like staking, move-based smart contracts, and fast transaction speeds. IOTA aims to become a major player in the blockchain industry, competing with the likes of Ethereum and Solana.
Other Notable Performers
Other top-performing cryptocurrencies on Christmas Eve included Algorand (ALGO), Hedera Hashgraph, Virtuals Protocol, and Curve DAO Token. These tokens rose as Bitcoin held steady and moved above the resistance level at $97,000. Historically, most altcoins tend to perform well when Bitcoin is rising.
While the ongoing rebound is a positive sign, there is a risk that it could be a dead cat bounce, a temporary surge that occurs when an asset is in a strong downtrend. To confirm the uptrend of Bitcoin and most altcoins, they will need to rise above their December highs.
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