After the upward trend in the crypto market spread, some altcoins began to attract more attention from investors. Tokens that have performed well recently include SPX6900, Polygon's POL, Pudgy Penguins's PENGU, as well as Ethena's ENA. Their gains were driven by factors such as exchange liquidity, changes in on-chain holdings, project proposals, and news of institutional partnerships.
SPX6900 has risen to a high position in the phase.
SPX6900 once reached $0.60, with a single-day increase of about 11% to 12%, and a weekly increase of 65% to 70%, with a market value approaching $600 million. Market attention is mainly focused on three points.
- Platforms such as Upbit and Bithumb have launched Korean won trading.
- On-chain data shows that whales' increases in holdings are stronger than distributions.
- Price breaks through an 8-month consolidation range
In addition, Coinbase suspended the trading of SPX perpetual contracts on August 26th. If the participation of leveraged funds decreases, the subsequent volatility structure may be different from before.
After rising, it fell back above $0.10 on POL.
The POL of Polygon once rose by about 50% within a week, before then falling back to the range of $0.10 to $0.11. The core news that drove the market was the adjustment plan for the staking mechanism proposed by Polygon Labs, co-founder with Sandeep Nailwal.
According to the proposal, more of the network transaction fees will be allocated to the POL stakers, rather than continuing to rely on inflation-based rewards. Nailwal also stated that the Polygon network revenue has grown by about 10 times this year. If the plan is implemented, the staking yield is expected to nearly double, which is also one of the main reasons for the re-pricing of POL.
PENGU and ENA are respectively catalyzed by messages.
The trading price is close to $0.0097, with a weekly increase of about 35% to 60%, and the daily trading volume exceeds $300 million. The market momentum was fueled by a post containing four emojis published by the CEO of Pudgy Penguins, Luca Netz. Some traders interpreted this as possibly indicating an upcoming stock listing.
However, there is currently no confirmed news regarding a initial public offering (IPO), and the holder of PENGU does not possess equity in the brand's parent company, Igloo Inc. As a supplement to the brand's fundamentals, Pudgy Penguin toys have now entered the sales channels of Target and Walmart.
ENA has risen to around $0.146, nearly doubling from its mid-August low. On August 19th, Ethena and FalconX announced the launch of a $1 billion secured lending arrangement, using assets related to the USDe stablecoin to fund institutional loans. Despite the recent significant rebound, the current price of ENA is still about 90% lower than its historical high.
