Cryptocurrency markets have suffered an unprecedented crash in the past week. Almost every single one of the top 100 assets, Bitcoin included, are now trading down in the red today. Within a mere 24 hours, the crypto markets dropped nearly 5.5% of their capitalization value. This extremely abrupt drop led to a reduced overall cryptocurrency market cap and lessened daily trading volume. In a sea of painful losses, Pudgy Penguins (PENGU) built the other impressive success. In particular, it registered an amazing 4.5% growth overnight.
PENGU's Unexpected Rise
More specifically, the best performing asset in the top 100 category is PENGU – a cryptocurrency and meme coin. This accomplishment is doubly impressive considering how the market has fared overall. Unlike large cap cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), which struggled with double-digit losses, PENGU not only held its ground but showed positive momentum.
Bitcoin (BTC) is now trading at $107,741, down 1.5%. Ethereum (ETH) bid adieu to $2,500, having lost 3% of its market cap. Meanwhile, Dogecoin (DOGE) tanked down to around $0.1631. During the same time, Pepe (PEPE) dropped to $0.000009565, illustrating the extreme bear market that has affected most dogmatic meme coins.
Market-Wide Losses
To be sure, the recent downturn has taken a heavy toll on a wide swath of cryptocurrencies. All but six of the top 100 assets by market cap were in the red. This led to an acute market-wide feeling of volatility and insecurity. The latest Bitcoin and Ethereum crash has some investors worried after both cryptocurrencies dropped at the same time. Added together, these two cryptocurrencies account for about four-fifths of the total crypto market capitalization.
The increase in price together with a drop in trading volume is a sign of decreased market participation and cautiousness among traders. That may be due, at least in part, to confusion surrounding the market’s short-term outlook. The total market cap has dropped, indicative of the fallen worth of digital assets as a whole.
Factors Behind PENGU's Performance
What is still unknown is why PENGU has fared relatively well in this downturn. In fact, a whole host of issues might be helping to explain its robustness. Whether it’s because of strong local advocacy, recent victories on complex projects, or just plain market forces.
Additionally, meme coins are particularly volatile, often driven by huge price swings and social media hype. PENGU’s capacity to keep building momentum as other meme coins crash indicates that it possesses a dedicated and eager community. More research is required to identify precisely what is causing PENGU’s sudden rise in price.
