Altcoins more than doubling in price within a single day are appearing one after another in the virtual asset market. While Janction and Doodles recorded gains of over 100%, Convex Finance, a decentralized finance (DeFi)-related token, also posted a double-digit rise. However, looking at the periods over which the price gains occurred and the trading volumes, there are considerable differences in the movements of the three tokens.

As of CoinMarketCap (CMC) data on the 21st, Janction's 24-hour gain was 128.98%, Doodles was up 117.86%, and Convex Finance rose 23.69%. At the same time, the altcoin season index stood at 59.

What draws attention is not the rate of increase itself but how the money moved. For Janction and Doodles, the price gains of the past week were effectively concentrated in a single day, while Convex Finance's recent gains came on top of an uptrend that had already been underway. The same difference is confirmed in trading volume.

■ Janction: Market Cap Up $29 Million in a Day, Trading Volume Jumps 24-Fold

Janction's price rose 128.98% over the past 24 hours, bringing its market capitalization to $51.5 million. Calculating the previous day's market cap based on the rate of increase yields approximately $22.5 million, meaning the market cap grew by about $29 million in a single day.

Its weekly gain was 128.2%. The fact that the recent one-day gain exceeds the seven-day gain shows that this surge was concentrated in a short period. Comparing the returns of the two periods, the price over the six days prior to the most recent day declined by approximately 0.3%.

Trading volume expanded far faster than price. Janction's 24-hour trading volume was $51.35 million, up 2,273.74% from the previous day. The immediately preceding 24-hour volume, calculated backward, was about $2.16 million. With volume growing roughly 24-fold, the daily trading value nearly reached the market capitalization, putting the volume-to-market-cap ratio at approximately 99.7%. This shows that trading in the token was rapidly activated within a short period.

However, volume growth alone cannot precisely determine the scale of new investment inflows or the degree of actual holder turnover. The background of the surge has not been clearly identified. CMC's analysis found no news or social media material that directly explains the surge. Accordingly, it has been suggested that short-term trading chasing price movements, rather than changes in enterprise value or business conditions, may have led the rally. In particular, given that small-cap virtual assets with large gains can see expanded price volatility, analysts say post-surge volume trends and whether the price holds should be examined together.

■ Doodles: Daily Trading Value 5.5x Market Cap, Decline Before the Surge

Doodles showed a larger trading scale than Janction. Its 24-hour trading volume was $125.77 million, up 1,749.45% from the previous day. Considering that the prior volume was about $6.8 million, the trading scale expanded about 18.5-fold in one day.

Its market capitalization was $22.66 million, putting the volume-to-market-cap ratio at approximately 555%. This means the amount traded in a single day exceeded 5.5 times the entire market capitalization. The price rose 117.86% over 24 hours, and the previous day's market cap is estimated at about $10.4 million.

However, the weekly gain of 97.4% was lower than the one-day gain. Back-calculating the two figures, the price fell approximately 9.4% over the six days excluding the most recent day. In other words, Doodles is closer to a case where a declining price abruptly reversed direction in a single day, rather than a token that had accumulated gains over several days.

Regarding the background of Doodles' rise, regulatory expectations surrounding non-fungible tokens (NFTs) and digital collectibles have been cited. CMC interpreted that developments related to the assessment of whether digital collectibles constitute securities stimulated market interest. However, questions remain about this explanation, as the country and regulatory body that made the relevant determination, and the scope to which the decision applies to Doodles, were not specifically confirmed in the materials presented. It is also difficult to conclude how much the regulatory expectations actually influenced the price rise. The confirmed fact is that Doodles' price and trading volume surged sharply over the same period. CMC interpreted these movements as a rotation phenomenon in which attention concentrates on specific sectors and tokens rather than a broad altcoin rally.

■ Convex Finance: Six Consecutive Days of Accumulated Gains, Revived DeFi Interest

Compared with the previous two tokens, Convex Finance (CVX) has a relatively lower one-day gain. It differs, however, in the period over which the rise took place. Its 24-hour gain was 23.69% and its 7-day gain was 31.08%. The gain over the six days prior to the most recent day was approximately 5.97%. While Janction's and Doodles' gains were concentrated in the most recent day, Convex Finance's price also rose during the preceding six days.

Its market capitalization was tallied at $256.09 million, an increase of about $49 million from roughly $207.09 million the previous day. The 24-hour trading volume growth rate was 305.89%, meaning trading scale more than quadrupled, though it fell short of the growth rates of Janction and Doodles.

CMC linked Convex Finance's rise to a revival of interest in established DeFi protocols, adding that a perception is emerging on social media that the technical correction has run its course. It also mentioned Compound, presenting a flow of market attention shifting toward DeFi-related assets. However, whether this price rise was accompanied by an actual increase in deposits or users of DeFi protocols requires separate data. Price and volume alone cannot confirm increased real usage or sustained capital inflows.

■ Comparing the Three Tokens: Short-Term Trading Concentration Divided Them

Comparing the three tokens on the same criteria reveals how concentrated short-term trading was. Janction posted a one-day gain of 128.98% with volume up about 24-fold. Doodles rose 117.86% while volume expanded about 18.5-fold. Convex Finance rose 23.69% with volume up about 4.1-fold.

Weekly price trends also differed. Janction had been nearly flat until the most recent day, while Doodles had been declining. In contrast, Convex Finance recorded gains during the preceding six days as well. These differences show that market participants were trading virtual assets of different characters at the same point in time. Price movements alone, however, cannot identify the buyers of each token or their investment purposes.

There are differences in market capitalization as well. Doodles stands at $22.66 million, Janction at $51.5 million, and Convex Finance at $256.09 million. The two relatively smaller tokens showed the larger one-day gains. This is merely an observed market phenomenon, and a small market cap alone is not grounds for judging that price gains are necessarily larger or that correction risk has reached a specific level.

■ Indicators to Watch Ahead

The indicators to check differ by token. For Janction, the key point of observation is whether trading volume is sustained after the surge. CMC presented a daily trading volume of $20 million and a price of $0.004 as benchmarks to check. The currently tallied volume of $51.35 million is about 2.57 times that benchmark. However, even if volume remains high, there is no guarantee the price rise will continue.

For Doodles, it is necessary to check whether the sharply increased trading scale persists and whether NFT-related interest translates into actual trading. The concrete basis for the regulatory expectations is also subject to further verification.

For Convex Finance, $2.60 has been presented as a key price level, with CMC citing it as a resistance line. Whether the price breaks above this level and then holds is an observation point, but a technical price level does not determine future movements.

[This article is provided for informational purposes as investment reference material and does not recommend the purchase or sale of any specific token. Conditions may vary depending on market circumstances. Investment decisions and the responsibility for them rest with the investor. AI provided partial assistance.]