Bitcoin hovered around $89,200 while ether traded near $3,000, supported by a sharp drop in the U.S. dollar index (DXY). Altcoins outperformed, with Hyperliquid’s HYPE up 25% and Solana staking token JTO extending a 31% three-day rally. Speculative tokens led gains, including Solana-based memecoin PIPPIN up 64%, as CoinDesk’s altcoin-heavy CD80 index beat CD20. The Dollar Index (DXY) fell to a four-year low on Tuesday, below a trendline dating back to 2011 despite reassurances from political figures that the dollar was “doing great” and that they were not “concerned.”
Another $230 million in leveraged bullish crypto futures positions were liquidated in the past 24 hours, continuing a pattern of long-side wipeouts since Monday. The notional open interest (OI) in futures tied to the HYPE token has surged more than 20% in dollar terms in 24 hours. On Deribit, BTC and ETH puts continued to trade at a premium to calls. PIPPIN is up 64% in the past 24 hours and is the most-bought token by “smart money” investors, according to Stalkchain.
JUP and ASTER also moved higher, with JUP up 3.11% and ASTER trading around $0.69 after a 5.7% rise since Tuesday morning. The buoyant mood across the altcoin sector comes as bitcoin remains in a tight trading range, historically a bullish period for altcoins as capital rotates to more speculative bets until bitcoin makes a decisive move. Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. The ecosystem now spans phygital products (over $13 million in retail sales and more than 1 million units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token airdropped to more than 6 million wallets.
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