There was a Santa Claus rally in the crypto industry as some major altcoins posted double-digit gains.
Pudgy Penguins (PENGU), the recently airdropped token, surged 40% on December 24, increasing its market cap to $2.26 billion. This rally came after data showed that NFT sales increased 40% to $1.38 million in the last 24 hours. It also rallied after a large whale continued to accumulate more PENGU tokens.
JasmyCoin (JASMY), popularly known as Japan’s Bitcoin, rose for the third consecutive day and reached its highest level since December 8. This rally came even after a large whale transferred over $1.4 million worth of Jasmy tokens to Coinbase. Crypto holders transfer coins to an exchange as a first approach to liquidation.
On the positive side, the data shows that more investors are delisting their tokens from exchanges. The number of JASMY tokens on exchanges fell by 1.97% to 16.74 billion on December 24th. A week ago there were over 17 billion JASMY tokens on exchanges.
IOTA (IOTA) was another best-performing coin on Christmas Eve as it jumped for the third consecutive day. This rally took place after community members completed their vote for the Rebased proposal.
98% of IOTA token holders voted in favor as the upgrade will introduce more features such as staking, movement-based smart contracts and fast transaction speeds. IOTA hopes to become a major player in the blockchain industry, competing with the likes of Ethereum and Solana.
Algorand (ALGO), Hedera Hashgraph, Virtuals Protocol and Curve DAO Token were the other best performing cryptocurrencies.
These tokens rose while Bitcoin remained stable and…
