As the week winds down, the crypto market has faced a significant downturn, with over $1 billion in liquidations within the past 24 hours. This extensive market correction has pushed most cryptocurrencies into the red zone, including the trending cryptos today
Despite the price declines, these tokens remain in the spotlight for various reasons. According to CoinGecko, the top trending altcoins today are Pudgy Penguins (PENGU), LUKSO (LYX), and Usual (USUAL).
Pudgy Penguins (PENGU)
Since its launch earlier this week, the Pudgy Penguins token has remained in the spotlight. This popularity is primarily attributed to the PENGU airdrop, which rewarded multiple eligible Solana and Ethereum wallets.
After its Token Generation Event (TGE), PENGU’s price experienced a brief rally, reflecting strong initial demand. However, the token’s momentum has cooled, with its price dropping by 25% in the last 24 hours.
This sharp decline aligns with the broader market slump, indicating potential profit-taking from early recipients of the airdrop or waning hype surrounding the launch. At press time, the altcoin’s price changes hands at $0.024.
As BeInCrypto highlighted yesterday, it remains in price discovery mode. This means that buyers and sellers have yet to agree on a fair value for the altcoin. If selling pressure increases, PENGU’s price might decline below $0.020.
However, if demand for the token jumps, that might not happen. Instead, the value could rally above $0.040.
LUKSO (LYX)
LUKSO is a project built on the Ethereum blockchain with LYX as its native ERC-20 token. Because of the rising interest in the token, it is one of the trending cryptos today. Despite the market interest in the altcoin, its value has tanked by 16.96%.
LYX trades at $2.25, a 45.22% decrease since December 4. According to the daily chart, the volume of cryptocurrency has increased, but there is rising selling pressure.
Should this trend continue, then the altcoin’s value could decrease to $1.55. However, if buying pressure increases, the trend could change. In that scenario, the token could jump to $3.11.
Usual (USUAL)
USUAL, the governance token for a decentralized stablecoin project that recently launched on mainnet, has found itself among the trending cryptos today. However, its rise in attention isn’t solely due to the project’s launch.
Earlier today, reports surfaced that the X (formerly Twitter) account of American entrepreneur and politician Vivek Ramaswamy had been compromised. Shortly after, a post from his account claimed that the Department of Government Efficiency (D.O.G.E), an initiative he’s associated with, would collaborate with USUAL.
This unexpected announcement briefly spiked USUAL’s price as speculation around the collaboration gained traction. However, it was later revealed that the post was fraudulent, leading to a swift correction in the token’s value.
As seen above on the 4-hour chart, the altcoin’s price, which was in an ascending channel before, had dropped. Should this decline continue, the altcoin might decline to $0.84. However, if buying pressure increases, the token could rise to $1.65.
Disclaimer
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