The crypto market has faced sharp sell-offs in the last 24 hours. In the process, it has experienced a series of liquidations, with several altcoins falling to levels not seen in a week. With the widespread decline, two of the top three trending altcoins today saw their prices drop significantly. Crypto analyst Victor Olanrewaju discusses three of the trending altcoins like FUEL Coin.
First up is Fuel Network (FUEL Coin)
FUEL Coin serves as the native cryptocurrency of the Fuel Network. The project was built on Ethereum as an Optimistic rollup. The token is one of the trending altcoins today as it has TGE. Fuel Network also announced that it will airdrop 10% of its total supply for its first users.
FUEL Coin price started around $0.069. However, it fell by 30.50 per cent. The token was trading at $0.046 at the time of writing. This drop is linked to the broader altcoin decline and the belief that the airdrop will lead to increased selling pressure. At the time of writing, the market capitalisation of the Layer-2 project stands at $163.52 million. It is possible that this value could rise further if buying pressure is higher. However, if the altcoin encounters increased sales when buyers receive their airdrops, the decline is likely to continue.
In second place comes Akuma Inu (AKUMA)
Unlike FUEL, Akuma Inu, a meme coin built on the Base network, is among the trending altcoins due to its price increase. In the last 24 hours, AKUMA’s price has increased by 53.60%, mainly due to increased buying pressure. As of this writing, the price of AKUMA is $0.00023. However, if the meme coin continues to attract attention, it is possible that the price could go higher. However, investors need to be careful. It is also possible that the altcoin could fall below $0.00020 if current AKUMA holders book their profits.
The last altcoin in last place: Pudgy Penguins (PENGU)
Third on the list of trending altcoins today is PENGU. PENGU is the native token of the Pudgy Penguins NFT collection. On 18 December, PENGU was also part of the trending cryptos due to its airdrop earlier in the week. Like the sell-off it experienced earlier, PENGU’s price has dropped by 8.8% in the last 24 hours. As of this writing, the altcoin’s price is $0.032. Apparently, the price is in exploration mode. If selling pressure increases, it is possible that the Pudgy Penguins token could fall as low as $0.026. However, if new liquidity flows into the token, the price is likely to jump to $0.040.
The opinions and forecasts in the article belong to the analyst and are not investment advice. As Kriptokoin.com, we strongly recommend that you do your own research before investing.
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