According to Binance data, BTC briefly surpassed $121,000, setting a new all-time high. It is currently trading at $120,759, with a 2.54% gain on the day. In the past 24 hours, the top-performing major tokens include ALGO, PENGU, and HBAR.
PENGU Token Soars 30% Amid ETF Speculation, Surging Volumes, and $1.8B Market Cap Milestone
PENGUUSDT experienced a significant rally in the past 24 hours, with the price rising by 30.07% to $0.029841 on Binance. This surge is primarily attributed to strong bullish momentum following Bitcoin’s new all-time high, substantial spot inflows, and heightened investor interest driven by speculation around a potential PENGU ETF. Additional factors include the transfer of 265 million PENGU tokens from the Pudgy Penguins creator wallet to new addresses and positive sentiment in the broader crypto market after favorable macroeconomic developments such as the US-EU tariff agreement.
The token saw robust trading activity, with high volumes across major exchanges and a market capitalization of approximately $1.8 billion, ranking it among the top 60 cryptocurrencies. PENGUUSDT outperformed the broader market and similar assets over the past week, reflecting strong institutional and retail participation.
{future}(FXSUSDT)
$FXS 17.24% price surge in the past 24 hours aligns with buyback demand from the GMX exploit resolution and technical breakout above key Fibonacci levels.
GMX hacker returned $10.5M FRAX (11 July), creating buy pressure for the stablecoin and spillover confidence in Frax’s ecosystem.
Technical breakout above the 23.6% Fibonacci retracement ($2.55) confirmed bullish momentum.
Altcoin rotation (+30.77% Altcoin Season Index in 7d) amplified speculative interest.
Deep Dive
1. Primary Catalyst: GMX Exploit Resolution
The return of 10.5M FRAX tokens by the GMX hacker on 11 July 2025 triggered a supply shock. To refund stolen assets, the exploiter likely repurchased FRAX on open markets, driving immediate demand. This coincided with Frax’s 24h volume spike to $16.6M (+126.57%), confirming whale-level activity.
2. Technical Context
RSI 7-day: 72.61 (overbought) signals short-term bullish exhaustion risk but confirms strong upward momentum.
Fibonacci breakout: Price cleared the 23.6% retracement at $2.55, now acting as support. Next resistance is the 38.2% level at $2.42 if profit-taking accelerates.
MACD bullish crossover: Histogram turned positive (+0.059) for the first time in three weeks, signaling trend reversal.
3. Market Dynamics
Altcoin rotation: The CMC Altcoin Season Index rose 30.77% weekly, favoring mid-cap tokens like Frax.
Stablecoin narrative: Frax’s role in the GMX refund process highlighted its utility in DeFi settlements, aligning with broader stablecoin adoption trends (Artemis).
Conclusion
Frax’s surge reflects a confluence of protocol-specific demand (GMX refunds), technical momentum, and sector-wide altcoin strength. While overbought signals suggest near-term consolidation, the resolution of high-profile DeFi risks could sustain mid-term credibility.
What to watch: Can Frax hold above $2.55, and will GMX-related FRAX liquidity shifts impact its peg stability?
#FXS
$BTC /USDT Massive Pump Alert 💥🚀
Bitcoin just blasted through $121K with a powerful breakout! Bulls are fully in charge, and momentum is flying high. If $120,700 holds, we could be looking at $122,500 – $123,000 next!
📊 Support Zones:
• $120,700
• $119,740
🔥 Momentum Insight:
Strong volume and clean structure this breakout could trigger the next leg up. Stay sharp for continuation or quick retest entries!
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