Meme coin spotlight: Baby Pengu, Strips Finance and an H.P. Lovecraft-inspired token spark interest

In the fast-paced world of crypto trading, meme coin and decentralized finance (DeFi) platforms are generating curiosity among investors. Three tokens that have been making waves Sunday are Baby Pengu, Shoggoth, and Strips Finance.

While Baby Pengu has experienced a dramatic surge of over 331%, fueled by its charming baby penguin branding, Shoggoth has captured attention with its unique nod to H.P. Lovecraft’s eerie creations — all while riding a wave of more than 126% growth.

Meanwhile, Strips Finance is carving out a niche in the DeFi space, providing a platform for users to hedge and speculate on interest rate derivatives.

Here’s a closer look.

Baby Pengu

Baby Pengu (BABYPENGU) operates on the Base blockchain. As of Dec. 22, it has experienced significant price volatility, with a notable increase of over 331% at last check Sunday, reaching approximately $0.29 per token.

The token’s total supply is capped at 1 billion, with about 186 million tokens currently in circulation, resulting in a market capitalization around $54 million, according to Coinbase.

Trading activity is primarily conducted on decentralized exchanges, with Uniswap V2 (Base) being a notable platform for BABYPENGU transactions.

The meme coin seemingly got its name and logo from the illustration of a cartoon baby penguin. See the chart below.

Shoggoth

Shoggoth (SHOGGOTH) is up by more than 126% at last check on Sunday.

The coin’s market cap currently hovers at around $56.7 million.

A meme token on the Solana blockchain, Shoggoth was named after the fictional creature found in author H.P. Lovecraft’s stories. It was first launched on the Pumpfun platform, and has a circulating supply of 1 billion tokens.

Shoggoth trades actively on decentralized exchanges like Raydium and, as of Dec. 22, it has a daily trading volume of approximately $6,340.

Despite its niche appeal and satirical undertones, Shoggoth has seemingly captured the imagination of crypto traders. See the chart below.

Strips Finance

Strips Finance (STRP) is a decentralized platform focused on interest rate derivatives, allowing users to hedge and speculate on interest rate movements.

Operating on the Arbitrum and Binance Smart Chain (BSC) networks, Strips Finance offers decentralized exchange services for interest rate swaps and fixed-income products.

Its native token, STRP, is up over 81% at last check Sunday. It’s currently trading around $1.03, with a market capitalization just below $33 million and a circulating supply of 30 million tokens.

STRP can be traded on exchanges such as Sushiswap and Gate.io, with the STRP/USDC.E pair seeing the most activity.