As we step into the new trading week, the crypto market is experiencing some turbulence. Bitcoin recently made headlines by breaking through previous boundaries, soaring above $107,700, and setting a new all-time high. This impressive leap triggered a wave of bullish sentiment across various altcoins, resulting in significant gains. However, as the day unfolded, the scenario quickly shifted. The market turned bearish, erasing over $150 million from the total market capitalization, alongside a notable 3% drop in trading volume.
In the midst of this market shuffle, we’ve seen a unique phenomenon with Pudgy Penguins (PENGU). This token, launched within the Pudgy Penguins ecosystem on Solana, made waves initially by entering the top 100. Yet, just as quickly, gloom set in, as the token experienced a staggering 57% plunge from its peak of $0.068. This downfall was primarily a result of a substantial sell-off that accounted for 20% of its total supply.
In an attempt to energize the community, Pudgy Penguins introduced one of the most extensive airdrop distributions ever on BitgetGlobal. Despite the hype, the token faced heavy selling pressure soon after its spot trading launch. Although PENGU momentarily broke into the top 10 memecoins, its 50% pullback has introduced a layer of uncertainty. Traders should proceed with caution when considering this token.
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Conversely, the narrative is quite different for the Bitget Token (BGB). This token continues to thrive, reaching new heights every day, buoyed by increased trading volume. Remarkably, BGB saw a boost of over 16% and secured a position among the top gainers, in a market still grappling with bearish sentiment. BGB has successfully broken above its rising parallel channel and has been trading in discovery mode throughout the past week. Even amid expectations of a retracement, BGB has shown resilience, pushing towards new highs. With an RSI reaching an all-time high of 93.61, the signs point towards sustained upward momentum, and some analysts predict it could hit $5 before any potential pullbacks occur.
Ultimately, while some assets falter, others like BGB highlight the diversity and unpredictability within the crypto landscape. Stay informed and make educated choices as you navigate these fluctuating waters!
