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# WEEKLY SNAPSHOT

CoinRank Crypto Digest: December 18, 2024

KEYTAKEAWAYS

  • The first 11 PENGU airdrop recipients have sold 351 million PENGU
  • Sui already supports USDC cross-chain
  • BTC and ETH Options Worth $2.735 Billion Expire on Friday

CONTENT

 

THE FIRST 11 PENGU AIRDROP RECIPIENTS HAVE SOLD 351 MILLION PENGU

 

According to Spot On Chain, the price of PENGU tokens dropped by over 50% within 19 hours after the airdrop. The top 11 PENGU airdrop recipients collectively received 991.36 million PENGU tokens (worth up to $68.4 million at peak), of which 351 million PENGU ($10.7 million) have been sold, accounting for 35.4% of their total airdropped tokens.

 

 

Currently, these 11 whales hold 620.29 million PENGU ($18.6 million), but only 4 of them have retained all their airdropped tokens.

 

Analysis:

 

This airdrop event highlights the typical market behavior surrounding airdropped tokens: whales cash out quickly during the initial trading period, triggering selling pressure and causing a sharp price decline.

 

This underscores the high volatility of airdropped tokens, particularly when a significant portion of the supply is concentrated among a few accounts.

 

From a long-term investment perspective, investors should be cautious of the high risks associated with short-term speculation and avoid chasing tokens during peak hype.

 

Meanwhile, project teams should design release mechanisms and incentives carefully to mitigate the impact of concentrated selling on market confidence and the project’s long-term growth potential.

 

This event serves as a reminder for investors to approach airdropped projects prudently, assessing their intrinsic value and risks rather than focusing solely on short-term gains.

 


SUI ALREADY SUPPORTS USDC CROSS-CHAIN

 

According to official sources, the Sui network has integrated the Cross-Chain Transfer Protocol (CCTP) to enable USDC cross-chain transfers. This update enhances USDC liquidity and improves the user experience on the Sui network. Users can now perform 1:1 USDC cross-chain transfers across nine blockchains.

 

Analysis:

 

The integration of CCTP marks a significant step for the Sui network, strengthening its position in the multi-chain ecosystem. By facilitating seamless USDC transfers across multiple blockchains, Sui not only boosts liquidity but also attracts more users by offering a smoother cross-chain experience.

 

This move aligns with the growing demand for interoperability in DeFi, where efficient cross-chain solutions are crucial. For Sui, this development could lead to increased adoption and network activity, further positioning it as a competitive player in the decentralized finance space.

 


BTC AND ETH OPTIONS WORTH $2.735 BILLION EXPIRE ON FRIDAY

 

According to Deribit data, approximately $2.117 billion in Bitcoin (BTC) options and $618 million in Ethereum (ETH) options contracts will expire on Friday, December 20. The maximum pain price for BTC is $102,000, while the maximum pain price for ETH is $3,800.

 

Analysis:

 

The maximum pain price is a key indicator in options markets, representing the price level at which the most options holders will incur losses. With the maximum pain prices for BTC and ETH set at $102,000 and $3,800, respectively, it suggests that market activity may center around these levels, especially in the lead-up to the expiration date.

 

Market participants might attempt to push prices toward these critical levels or exploit the expiration period for profit. As a result, this event could lead to increased market volatility, and investors, particularly those holding options contracts, should stay alert.

 

 

Also Read:

CoinRank Crypto Digest: December 16, 2024

CoinRank Crypto Digest: December 17, 2024

 

 

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DISCLAIMER

CoinRank is not a certified investment, legal, or tax advisor, nor is it a broker or dealer. All content, including opinions and analyses, is based on independent research and experiences of our team, intended for educational purposes only. It should not be considered as solicitation or recommendation for any investment decisions. We encourage you to conduct your own research prior to investing.

 

We strive for accuracy in our content, but occasional errors may occur. Importantly, our information should not be seen as licensed financial advice or a substitute for consultation with certified professionals. CoinRank does not endorse specific financial products or strategies.


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