The crypto market experienced a cascade of liquidations in the last 24 hours as several altcoins plunged to levels not seen in a week. As a result of the widespread decline, two of the top three trending altcoins today have seen their prices significantly decrease.
One of these two just launched and had its Token Generation Event (TGE). Fortunately, the third trending altcoin climbed by a significant figure. According to CoinGecko, the altcoins trending today 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 trending altcoins today because it has its TGE. Fuel Network also announced that it will airdrop 10% of its total supply for its early users.
FUEL’s price launched around $0.069. However, it has dropped by 30.50% and now trades at $0.046. This decline could be linked to the broader altcoin decline and the sentiment that the airdrop could lead to increased selling pressure.
At the time of writing, the Layer-2 project’s market cap sits at $163.52 million. Should buying pressure be higher, this could be higher. However, if the altcoin faces increased sell-offs when recipients get their airdrop, the decline might continue.
Akuma Inu (AKUMA)
Unlike FUEL, Akuma Inu, a meme coin built on the Base network, is part of the trending altcoins due to its price increase. In the last 24 hours, AKUMA’s price has increased by 53.60%, particularly due to increased buying pressure.
As of this writing, AKUMA’s price is $0.00023. However, if the meme coin continues to attract attention, the price could be higher.
However, traders need to watch out. If current AKUMA holders book profits, the trend might change, and the altcoin’s value might slide below $0.00020.
Pudgy Penguins (PENGU)
The third on the list of trending altcoins today is PENGU, the native tokens of the Pudgy Penguins NFT collection. On December 18, PENGU was also part of the trending cryptos due to the airdrop earlier in the week.
Like the sell-off it experienced before, PENGU’s price has again decreased by 5.50% in the last 24 hours. As of this writing, the altcoin’s price is $0.032. From the look of things, it appears to be in price discovery mode.
Should selling pressure increase, the Pudgy Penguins token might decline to $0.026. However, if new liquidity flows into the cryptocurrency, the value might jump to $0.040.
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