TK Research found that more than 72% of PENGU holders have sold or moved all their tokens immediately after the launch. This means only 18% are still holding onto their entire token supply. According to data from on-chain analysis firm TK Research, as many as 18.7 billion PENGU ( PENGU ) tokens have been claimed since the native token was launched, which amounts to 81,4% of its circulating token supply. The native token of the NFT collection Pudgy Penguins was launched officially on Dec. 17, listing on major exchanges such as Binance and OKX . The analysis revealed that 72.33% of holders have sold or moved all their PENGU tokens, while 3% sold 90% of their PENGU tokens and less than 1% of holders have sold or moved 75% of their tokens. On the other hand, nearly 18% of PENGU holders still choose to keep their tokens after the launch. But only 3% have bough more PENGU tokens. In addition, the on-chain analytics firm found that the average holder wallet has 19,300 PENGU tokens allocated. Price chart for PENGU in the past 24 hours of trading, December 19, 2024 | Source: CoinGecko According to data from crypto.news, PENGU has gone down by nearly 9% in the past 24 hours of trading. It is currently trading hands at $0.03. PENGU has accumulated a market cap of $1.9 billion within just two days after its public release, placing the NFT native token in 71st place on the overall crypto leaderboard by market cap. Though, PENGU now has a daily trading volume of $2.06 billion, surpassing its market cap. On the day PENGU was launched, an unlucky trader bought $10,000 worth of PENGU tokens a few hours after it was launched. Unfortunately, the value of the token dropped, leaving the trader with PENGU tokens worth only $3. PENGU is the native token of popular Ethereum-based NFT collection Pudgy Penguin. The token’s launch was announced on Pudgy Penguin’s official account on Dec. 6, with a maximum token supply or more than 8 billion. Read more: Pudgy Penguins plans to launch native token PENGU by end of 2024
TK Research found that more than 72% of PENGU holders have sold or moved all their tokens immediately after the launch. This means only 18% are still holding onto their entire token supply. According to data from on-chain analysis firm…
World Liberty Financial, supported by the family of US President-elect Donald Trump, has exchanged $10 million in Coinbase’s wrapped bitcoin, or cbBTC, for Wrapped Bitcoin. World Liberty Financial has been making moves on-chain, having purchased millions of dollars worth of the cryptocurrency involved in its partnerships or integrations, including Aave ( AAVE ), Ethena ( ENA ), and Chainlink ( LINK ) tokens, all within the last week. Trading volumes with the platform have remained strong despite not publicly stating the swap tokens it replaced. Trump's World Liberty( @worldlibertyfi ) exchanged all 102.9 $cbBTC ($10.4M) for 103.15 $WBTC 4 hours ago. https://t.co/mtD0c2tvvo pic.twitter.com/tfN60lgStm — Lookonchain (@lookonchain) December 19, 2024 The token swap from World Liberty Financial has given some insight into Chinese-born entrepreneurs’ participation in the crypto world. A ruling earlier today rejected Justin Sun-backed BiT Global’s claims and permitted Coinbase to remove Wrapped Bitcoin ( wBTC ) from the exchange’s listings. Coinbase’s removal of the token was due to Sun’s association with BiT Global and Tron’s ecosystem since the former had no direct control over wBTC’s custody. You might also like: Justin Sun allegedly asked CoinDesk owners to remove banana article: report CoinDesk reported that according to Robert Liu, the additional participation of Sun would help improve wBTC prospects owing to Tron’s global market leadership. Liu continued that more than 50% of the worldwide market share and over $60 billion of stablecoin assets are circulating on the Tron blockchain, which demonstrates the reliability and success of Tron. However, critics say that Sun’s reputation and past allegations of misbehavior are risks. Its high turnover rate and its integration with stablecoin ecosystems have forever plagued Tron but are the very things supporters point to as signs of its strength. You might also like: Bitcoin Reserve Executive Order out after Trump meets crypto.com CEO Marszalek The broader implications of this swap are related to Justin Sun’s relationship with World Liberty Financial becoming deeper. As reported earlier, Sun became an advisor to the platform after investing $30 million in WLFI, its native token. This partnership aligns with Trump’s pro-crypto stance during his campaign and cements Sun’s position in furthering the goals of World Liberty Financial. Sun’s participation brings both opportunities and risks. On the one hand, it reflects the growing synergies between technologies alongside strategic partnerships to advance the crypto landscape further. The move is significant for World Liberty Financial , as an active player in the market. However, it also raises an interesting question: why did the platform go to the extent of swapping $10 million in cbBTC for wBTC on a day when a California court allowed Coinbase to proceed with the delisting of wBTC? Read more: Ethena Labs proposes collab with Trump-backed WLFI
World Liberty Financial, supported by the family of US President-elect Donald Trump, has exchanged $10 million in Coinbase's wrapped bitcoin, or cbBTC, for Wrapped Bitcoin.
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Jerome Powell is a remarkable man. Whether you like him or not doesn’t change that. A quick look at his resume tells you this is a guy with a level of intelligence only few have ever attained. Now as head of the Federal Reserve, he oversees the world’s most powerful central bank, a machine designed to keep the financial system in line. Then here comes Bitcoin, the decentralized, no-rules wild card of global finance. It’s absolutely no surprise that Powell is skeptical. But the reasons for his hate go deeper than surface-level complaints about volatility or hype. The Fed boss sees Bitcoin as a threat, not just to stability but to the entire financial order he’s tasked with maintaining. During his infamous press conference yesterday, Powell doubled down on where he stands. “We’re not allowed to own Bitcoin. The Federal Reserve Act says what we can own, and we’re not looking for a law change.” But it’s not even what he said. It’s how he said it. The comment was in response to a question that has to do with President Donald Trump’s proposed Bitcoin strategic reserve, and Powell almost looked insulted at it before he opened his mouth. As expected. Predicting his rate cut patterns might be hard, but it’s pretty easy to see that Mr. Powell will never like Bitcoin, even if he secretly respects it. And guess what? That’s completely fine. We’re not here to change his mind. Bitcoin’s bad image: Incels, degens, and chaos traders Bitcoin’s reputation doesn’t help its case either. While Wall Street giants and institutional investors Powell respect have started to embrace it, the crypto is still deeply tied to its roots in online subcultures. Terms like “incels” and “degens” get thrown around in Bitcoin communities, referring to high-risk traders who often treat the market like a casino than a strategic investment space. These are people hyping coins with memes, driving up prices with no basis in fundamentals, and cashing out before the crash. This speculative madness fuels Bitcoin’s extreme price swings. For someone known to be a calculated overthinker, Powell doesn’t have to look far to see the chaos here. Literally, just after his comments yesterday, the top crypto shed 5% of its value in mere hours, dragged down in part by the US stock market. Right there, that’s the problem. The toxic reputation extends beyond trading behavior. Online Bitcoin communities often come across as hostile and shockingly sexually inappropriate, alienating women and high-level thinkers like Powell. And if we’re being honest, Trump being pro-Bitcoin could also be seen as a red flag. Trump, Bitcoin, and the war over a strategic reserve Republican Senator Cynthia Lummis has proposed creating a Strategic Bitcoin Reserve, an idea as bold as it is controversial, if not a bit ludicrous. Under the plan, the Treasury would purchase 200,000 Bitcoins annually, building a reserve of one million tokens. The funding would come from Federal Reserve deposits and gold holdings. So Trump would literally need a go-ahead from Powell to launch this thing. Analysts at Barclays believe the plan would face “stiff resistance” from the Fed. And as we’ve reported before, Powell has rare bipartisan support so strong that he’d easily defeat Trump in a face-off. He kind of already is. The way we see it, this guy is the most powerful person in the world. A single action of his will affect every single life in the world right now. Now to Powell, the idea of a Bitcoin reserve funded by the Treasury is an affront to the very principles of central banking. Why would he risk the global economy and his legacy just to appease the Oval? Powell doesn’t even need to argue against the bill, the numbers speak for themselves. A single comment from him can shave hundreds of billions off Bitcoin’s market cap overnight. Imagine what would happen if the Fed actually tried to hold it. Keep in mind that America is the largest economy on earth. If it goes down, everyone’s gonna go down. Powell’s resistance isn’t just about practicality. It’s also philosophical. The Federal Reserve exists to stabilize the economy, not to gamble on assets that spike and crash with tweets or Reddit posts. Powell’s approach is rooted in decades of financial experience too. Before leading the Fed, he worked at The Carlyle Group, a private equity powerhouse. He’s seen firsthand the dangers of unregulated markets, and Bitcoin checks all the wrong boxes. Powell’s long history of skepticism Powell’s career is a case study in risk aversion. As Under Secretary of the Treasury for Domestic Finance, he dealt with the intricacies of financial regulation and policy-making. His role during the 2008 financial crisis shaped his perspective on stability and oversight. His leadership during the COVID-19 pandemic required aggressive monetary interventions to stabilize markets. Bitcoin’s role as a hedge against fiat currency collapses may hold to an extent, but to Mr. Fed, it’s just a nuisance — a volatile asset that could disrupt the delicate balance he works to maintain. However, it’s not unknown that Powell tends not to like being told what to do, especially when it’s coming from the man who publicly harassed and criticized him time and time again. He just might be itching for a fight. Yesterday, he said he doesn’t see them cutting rates for the most part of next year, which means they’ll be high. Trump hates that. He’ll talk. He’ll verbally attack Powell a lot. And that’ll only make him hate Bitcoin and everything else the president supports even more. Sure, Trump could sit down and have a chat with Powell, maybe even win him over. But he’s Trump, so it’s safe to assume that he likely won’t be doing that. When it comes to the 2025 Fed, Mr. President is the wrong hype man for Bitcoin. Unfortunately for us all.