The cryptocurrency market has gone through a continuous liquidation cycle over the past 24 hours as many altcoins plummeted to unprecedented levels over the past week. Due to the widespread decline, two of the top three altcoins of interest today saw their prices drop significantly.
One of these two coins just launched and held a Token generation event (TGE). Luckily, the third altcoin on the list increased significantly in price. According to CoinGecko, names emerging 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 the native cryptocurrency being FUEL. This token is emerging today because of TGE. Fuel Network has also announced it will release an airdrop of 10% of the total supply to its early users.
Initially, the FUEL price is around 0.069 USD. However, it has dropped 30.50% and is currently trading at $0.046. This drop may be related to the general bearish trend of altcoins and the sentiment that airdrops could lead to increased selling pressure.
At the time of writing, the market capitalization of the Layer-2 project reached 163.52 million USD. If buying pressure is higher, capitalization may increase. However, if altcoins face more sell-offs as recipients receive their airdrops, the decline could continue.
Akuma Inu (AKUMA)
Unlike FUEL, Akuma Inu, a Meme Coin Coin built on the Base network, is one of the trending altcoins thanks to the increase in price. In the past 24 hours, AKUMA price increased by 53.60%, mainly due to increased buying pressure.
At the time of writing, AKUMA price is 0.00023 USD. However, if this Meme Coin Coin continues to attract attention, the price could be higher.
However, traders need to be wary. If current AKUMA holders take profits, the trend could change and the altcoin value could drop below 0.00020 USD.
Pudgy Penguins (PENGU)
Number 3 on the list of altcoins of interest today is PENGU, the native Tokens of the Pudgy Penguins NFT collection. December 18, PENGU is also part of the trending cryptocurrency group thanks to the airdrop carried out last week.
Like that Presale, PENGU price decreased again by 5.50% in the last 24 hours. At the time of writing, the altcoin price is 0.032 USD. From a general look, it appears to be in a price discovery phase.
If selling pressure increases, Pudgy Penguins Token could drop to $0.026. However, if new liquidity flows into the cryptocurrency, the value could jump to $0.040.
