Crypto News of the Week: The Penguin Takeover and More!

This week, the crypto space has been buzzing with a lot of action, especially with the “Penguin Takeover” happening in full force. Big companies are changing their profile pictures to Pudgy Penguins, and the $PENGU token is getting listed on major exchanges. But that’s not all that happened—there were several important updates this week, and we’re here to break them down for you.

1) Bitcoin Slips to $101K, Altcoins Spiraling

The Federal Reserve made a move this week by cutting rates by 25 basis points, as many expected. However, the press conference from Fed Chair Jerome Powell sparked some concerns. Let’s break it down:

• The Fed reduced its benchmark funds rate to 4.25%-4.50%.
• The “dot-plot” projects that the Fed will lower rates to 3.9% next year, signaling fewer cuts than previously expected.
• Inflation expectations for 2025 rose to 2.5%, higher than anticipated.

While the rate cut was largely anticipated, the focus shifted to Powell’s statements about future policy actions. This caused Bitcoin to slip to $101,000, marking a nearly 5% decline. Major altcoins like XRP, Cardano’s ADA, and Litecoin’s LTC all dropped around 10% over the past 24 hours.

Despite the economic growth, inflation is still a concern, leading to this market dip. This week’s developments in the Federal Reserve’s policy continue to affect the crypto market.

2) Penguin Takeover

This week, the crypto community witnessed the launch of the $PENGU airdrop. It’s open for 88 days, giving plenty of time to claim your share. Holders of various NFT collections within the Penguin ecosystem, and OG users of Ethereum and Solana, got a portion of the airdrop. Make sure to check your old wallets for a $PENGU surprise.

But that’s not all. Several big companies jumped on the bandwagon. CoinGecko, OpenSea, LayerZero, and others all changed their profile pictures to Pudgy Penguins in a show of support. The excitement didn’t stop there. The $PENGU token also made its debut on major exchanges, including Binance, KuCoin, Crypto.com, and Bybit.

This surge in Penguin-related activity has caught the attention of many in the crypto space, and it’s clear that the Penguin Takeover is far from over.

3) Trump’s Buying Spree

In other news, the World Liberty Finance project, backed by Donald Trump, has been making waves with its buying spree in the altcoin market. The project’s portfolio now holds tokens like LINK, AAVE, and ENA (Ethena). As news of Trump’s wallet buying these assets spread, the prices of these tokens saw a significant pump. Traders have been closely monitoring this development, and it’s sparking some interesting discussions about the potential influence of Trump-backed projects on the market. We covered some price analysis on each one of these coins during the last 10 days.

4) OpenSea Registers in the Cayman Islands

OpenSea, the popular NFT platform, has registered its business in the Cayman Islands. This move has raised speculation that an airdrop might be on the horizon. While no official confirmation has been made, the crypto community is eagerly awaiting more news. Could this be a sign of something big to come, a token airdrop perhaps? Only time will tell.

5) Abstract Airdrop Set for January

Another exciting airdrop is set to take place in January. Abstract, a rebranded version of Frame, is planning an airdrop for its users. The company, which was acquired by Pudgy Penguins, is expected to reward early users and, of course, holders of the Pudgy Penguins NFT collection. If you’re part of these communities, you may want to keep an eye on this one!

6) Huaw Tuah Girl Feels the Heat of the SEC

Legal experts are warning crypto investors to stay alert as the SEC cracks down on Huaw Tuah Girl, a project facing scrutiny. Investors affected by this project are encouraged to file complaints through official channels. In the U.S., complaints can be lodged with the SEC’s Tip, Complaint, and Referral system. Other options include the Commodity Futures Trading Commission (CFTC) and the Federal Trade Commission (FTC).

Investors should provide detailed accounts of the situation, including transaction records, wallet addresses, and any supporting documents. Legal experts stress the importance of thorough reporting to ensure the strongest possible case.

After launching her coin, the price plummeted and it looked like insiders bought most of the supply. The hawk Tuah girl announced she was going to sleep, and hadn’t woken up in the past 14 days.

7) Scam Season in Full Swing

With the crypto market in a bull phase, scammers are on the prowl, targeting new and inexperienced crypto users. It’s prime time for fraudsters to find victims. To stay safe, always be cautious—don’t click on suspicious links, and never give away your seed phrase. MetaMask has been actively warning users on X, urging them to remain vigilant and take precautions. The rise in scams highlights the importance of secure practices in the crypto world.

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Final Words

This week has been a whirlwind in the crypto space, from Bitcoin’s price decline to the Penguin Takeover and Trump’s altcoin buys. It’s clear that the market is full of excitement, but also filled with risks. As always, it’s important to stay informed and cautious. With major updates like these, it’s a thrilling time to be involved in crypto—just remember to keep your eyes open and your security tight.

Stay tuned for more updates next week!

If you enjoyed this blog, you may want to check our other crypto news updates.

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