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CoinDesk 20 Performance Update: ADA and XRP Lead

Half of the CoinDesk 20 assets traded higher in overnight action, though the index overall was modestly lower.

Jul 2, 2024, 1:55 p.m.
9am CoinDesk 20 Update for 2024-07-02

CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.

The CoinDesk 20 is currently trading at 2161.29, down 0.2% (-3.87) since yesterday's close.

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Ten of 20 assets in the index are trading higher.

Leaders: ADA (+2.9%) and XRP (+2.1%).

9am CoinDesk 20 Update for 2024-07-02

Laggards: AVAX (-4.4%) and UNI (-3.7%).

9am CoinDesk 20 Update for 2024-07-02 - laggards

The CoinDesk 20 is a broad-based index traded on multiple platforms in multiple regions globally.

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Pudgy Penguins: A New Blueprint for Tokenized Culture

Pudgy Title Image

Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.

What to know:

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. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.

The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.

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HYPE token's 30% surge is a story of crypto-traditional market convergence, treasury firm says

HYPE's price rise in candlestick format. (CoinDesk)

HYPE has surged 30%, outperforming bitcoin, ether and the CoinDesk 20 index by a big margin.

What to know:

  • Hyperliquid's HYPE token has surged more than 30% to $33, far outpacing bitcoin, ether and the broader crypto market, as trading activity on the platform accelerates.
  • The token rally represents the merging of traditional assets with the crypto world, according to Hyperion DeFi, which is a HYPE treasury company.
  • Originally a crypto perpetuals exchange, Hyperliquid has expanded into tokenized trading of equity indices, individual stocks, commodities and major fiat pairs via its HIP-3 upgrade.