PENGU, the newly-launched cryptocurrency of the Pudgy Penguins ecosystem, suffered a sharp decline in value a day after it went live. At the time of writing, data from CoinGecko showed that the token had fallen by 57.8% within 24 hours to settle at $0.02892. Airdrop Aftermath The highly-anticipated airdrop launched on December 17 saw about 62.8 billion PENGU tokens distributed to millions of qualified NFT holders, traders, and team members. However, following an initial surge that catapulted the token into the top 100 cryptocurrencies by market cap, it suffered a swift sell-off that saw its value plummet by more than 60%, falling from a high of $0.06845 to a low of $0.027. Interestingly, the damage wasn’t limited to the cryptocurrency, with Pudgy Penguins’ NFT collection suffering a similar fate. Within a single day, it saw its floor price plunge by more than 48% to 17.1 ETH, about $64,450, a stark contrast to its all-time high (ATH) level of 36.33 ETH. The downtrend notwithstanding, information from CryptoSlam showed an increase in trading activity, with the collection’s daily sales volume skyrocketing 258% to $21.7 million. While some investors cashed out their holdings, others used the opportunity to buy the dip, with the average sale price currently sitting at 19.89 ETH. A Pattern of Post-Airdrop Volatility While the rapid drop in PENGU’s market value may have raised some eyebrows, the phenomenon is not particularly new, with several other cryptocurrency giveaways leading to a market frenzy. Some observers have attributed this to an emerging trend among airdrop recipients who quickly cash out their holdings, leading to a marked price instability at the beginning of a coin’s post-distribution trading. For example, NFT marketplace Magic Eden’s ME token and Movement Network’s MOVE also experienced similar patterns following their respective airdrops. Both of them registered sharp divestment, with ME in particular losing 80% of its value as thousands of claimants exited their positions. However, regardless of the turbulence, PENGU still retains a market cap just shy of $2 billion, placing it at #78 among the largest cryptocurrencies in the market. Additionally, as of this writing, its price had made some marginal recoveries and was 10.5% above its lowest level recorded only hours ago. The post Pudgy Penguins’ PENGU Token, NFTs Suffer Major Price Dip Post-Airdrop appeared first on CryptoPotato .
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Good News for Ripple? Anti-Crypto SEC Commissioner Caroline Crenshaw Might Not be Renominated
TL;DR Ripple supporters are optimistic about potential SEC leadership changes, including departures of anti-crypto officials. Donald Trump’s nomination of pro-crypto advocate Paul Atkins as the next SEC Chairman fuels speculation that the agency may adopt a more innovation-friendly approach, possibly leading to a settlement in the case against Ripple. The XRP Army Cheers the Rumors Despite Ripple’s numerous partial court wins, the legal battle against the US Securities and Exchange Commission (SEC) remains ongoing. The tussle was close to a final resolution earlier this year when Federal Judge Torres ordered the company to pay a $125 million penalty for violating certain laws. While Ripple was ready to abide by the ruling, the securities regulator appealed a 2023 verdict, thus extending the case. After all, the aforementioned fine represented just a fraction of the $2 billion that the SEC initially insisted. According to some industry participants , though , Ripple has a better chance to emerge victorious due to a combination of factors. Perhaps the most important include the upcoming resignation of the SEC’s Chairman Gary Gensler. He stayed in charge for over three years, during which the agency filed numerous lawsuits against crypto businesses. The end of his reign was rather expected since Donald Trump promised to fire him after officially becoming president of the United States. Most recently, the Ripple community celebrated another potential change in the structure of the SEC. According to Eleanor Terrett (journalist at Fox Business), Commissioner Caroline Crenshaw will not be renominated to her position. She is known for her anti-crypto stance, warning about the potential for fraud and manipulation in the sector. Earlier this year, Crenshaw even opposed the approval of the spot Bitcoin (BTC) ETFs. Those cheering her potential absence from the SEC include popular X users like Moon Lambo and Zach Humphries. Fred Rispoli – an American attorney who has been following the developments of the Ripple v. SEC case – also seemed pleased. The New SEC Leader The Commission might indeed go into a pro-crypto direction next year under the leadership of the upcoming Chairman, Paul Atkins, who was nominated by Donald Trump. He has been a proponent of the cryptocurrency sector, advocating for a regulatory approach that fosters innovation in space while ensuring investor protection. It will be interesting to see whether the SEC will become less hostile toward the industry during his reign and whether the Ripple case will finally conclude with a settlement. The post Good News for Ripple? Anti-Crypto SEC Commissioner Caroline Crenshaw Might Not be Renominated appeared first on CryptoPotato . Crypto Potato
Trump Delivers Speech at Washington Crypto Policy Summit
President Trump’s speech re-echoed his openness to engage in key crypto policy to position the U.S. as a global crypto powerhouse. U.S. Government Wants to Lead the Way on Bitcoin Donald Trump, incoming U.S. president delivered a goodwill speech at the crypto policy summit in Washington organized by the Blockchain Association. In his speech, Trump Crypto Potato