The recent crypto rally resumed today, August 10, as market participants awaited the upcoming US consumer inflation data and following Donald Trump’s signing of an executive order allowing retirement funds to invest in cryptocurrencies.
Why the Crypto Rally is Happening Today
The US will publish the July consumer price index (CPI) data on Tuesday. Following the recent weak nonfarm payrolls (NFP) data, traders are awaiting confirmation on whether inflation is still rising, which will determine if the Federal Reserve cuts interest rates in September.
The other catalyst is that Donald Trump recently signed an executive order that will allow retirement funds, which have over $8.7 trillion in assets, to invest in crypto. While most altcoins are rising, let us look at the top tokens like Chainlink (LINK), Succinct (PROVE), and Bitcoin Penguins (BPENGU).
Succinct Price Jumps as Whales Buy
The Succinct price surged hard last week as it launched its airdrop and received several exchange listings by companies like Binance, Upbit, Coinbase, Bitget, and MEXC. It also jumped after the mainnet launch last week.
PROVE price then crashed a bit before staging a strong bullish breakout during the weekend. It jumped by over 33% on Sundays, and the daily volume jumped by 500% to over $1 billion.
A likely reason for the jump is that on-chain data shows that whales continued adding to their holdings. Data shows that whales now hold over 174,330 tokens, a trend that may continue this week.
The risk, however, is that the ongoing PROVE price surge may be short-lived as the mainnet launch momentum eases.
Chainlink Price Boosted by Whale Activity After LINK Reserves News
Meanwhile, Chainlink price continued its strong surge during the weekend, hitting a high of $22.50, up by 125% from its lowest point in April this year.
The surge is being driven by the recent LINK reserve news in which Chainlink announced that it would start accumulating tokens using its on-chain and enterprise fees.
LINK price also jumped as whales boosted their holdings by 21% in the last 30 days to 4.5 million. The supply in exchanges has also dropped by 2.9% to 273 million.
Technicals suggest that the Chainlink price has moved to the third phase of the Elliot Wave, pointing to more gains, potentially to $30.
Bitcoin Penguins Gains Momentum
Unlike Chainlink and Succinct, Bitcoin Penguins (BPENGU) is not publicly traded. It is in a presale, where its momentum is accelerating as it has raised over $2.45 million from investors.
Bitcoin Penguins is leveraging the ongoing crypto rally and the popularity of Bitcoin and Pudgy Penguins. BTC is seen as a store of value, while Pudgy Penguins has introduced the ‘penguins’ theme in the crypto industry.
BPENGU has gone viral due to its innovative token sale strategy, where early investors achieve substantial returns on the day it is listed on both centralized and decentralized exchanges.
Bitcoin Penguins is also conducting a closed-ended token sale, where the token listing will happen either in the next 17 days or when the $10 million capital raise milestone is reached. This differs from other token sales that go on for months without a definite launch date provided for investors.
Hurry up and buy the Bitcoin Penguins token here, then follow its X platform for regular updates.
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