The momentum is not isolated to smaller tokens; Pudgy Penguins (PENGU), a project with roots in the NFT space, surged over 30%. On-chain data reveals significant whale accumulation for PENGU, coupled with a surge in demand from South Korean markets and chatter around a potential ETF filing, which appear to be key drivers of its performance.
Similarly, Compound (COMP), the veteran DeFi lending platform, registered an 11% price increase. Its performance may be linked to recent governance proposals, specifically 210 and 211, which were supported by key stakeholders and aimed at adjusting interest rate models and reward distributions to optimize platform yields. The total value locked in DeFi has been on a steady incline throughout the month, providing a favorable backdrop for tokens in the sector.
Zebec Network (ZBCN), a decentralized payment and infrastructure protocol on Solana, rose more than 20%. The project’s recent acquisition of Gatenox, a compliance and automation platform, positions it favorably within the realms of both Decentralized Physical Infrastructure Networks (DePIN) and Real World Assets (RWA).
An outlier in the list was ai16z (AI16Z), which recorded a 12% gain. This price spike occurred despite some analyses pointing to a broader bearish trend for the token, indicating a short-term pump placed it among the day’s top performers.
The gains reflect a market driven by a combination of Bitcoin’s record performance, resurgent interest in DeFi, and a renewed appetite for high-beta memecoins.
