Santa Claus rally happened in the crypto industry as some big altcoins experienced double-digit gains. Pudgy Penguins (PENGU), the recently airdropped token, soared by 40% on Dec. 24, bringing its market cap to $2.26 billion. This rally happened after data showed that its NFT sales jumped by 40% in the last 24 hours to $1.38 million. It also rallied after a major whale continued accumulating more PENGU tokens. A whale who received an airdrop of 116.7M $PENGU ($3.52M) spent 5,250 $SOL ($1M) to buy an additional 34.42M $PENGU today! The whale hasn't sold any $PENGU and now holds a total of 151.12M $PENGU ($5.08M). https://t.co/p5JEeH6nUs pic.twitter.com/ZgYm5vm7Wv — Lookonchain (@lookonchain) December 24, 2024 JasmyCoin ( JASMY ), popularly known as Japan’s Bitcoin, rose for the third consecutive day, and reached its highest level since December 8. This rebound happened even after a big whale moved Jasmy tokens worth over $1.4 million to Coinbase. Crypto holders move coins to an exchange as a first approach towards liquidation. On the positive side, data shows that more investors are moving their tokens from exchanges. JASMY tokens on exchanges dropped by 1.97% on Dec. 24 to 16.74 billion. Exchanges had over 17 billion JASMY tokens a week ago. IOTA ( IOTA ) was another top-performing coin on Christmas Eve as it jumped for the third consecutive day. This rally happened after the community members completed voting for the Rebased proposal . 98% of the IOTA token holders voted in favor as the upgrade will introduce more features like staking, move-based smart contracts, and fast transaction speeds. IOTA hopes to become a major player in the blockchain industry, where it will compete with the likes of Ethereum and Solana. Algorand ( ALGO ), Hedera Hashgraph , Virtuals Protocol, and Curve DAO Token were the other top-performing cryptocurrencies. You might also like: Hedera Hashgraph price soars as predicted: What’s next for HBAR? These tokens rose as Bitcoin held steady and moved above the resistance level at $97,000. Historically, most altcoins do well when Bitcoin is rising. The rally is also happening because of the concept of a Santa Claus rally, where assets rise a few days before Christmas. This rally also happened in the stocks industry as the Dow Jones, Nasdaq 100, and S&P 500 jumped. Still, there is a risk that the ongoing rebound could be a dead cat bounce . A DCB, also known as a bull trap, is a temporary surge that happens when an asset is in a strong downtrend. Therefore, the uptrend of Bitcoin and most altcoins will mostly be confirmed when they rise above their December highs.
