Markets
2 cryptocurrencies will reach a market cap of $25 billion in the second half of the year
THE cryptocurrency the market remains volatile, heavily influenced by broader economic factors. Recent U.S. job growth data beat expectations, indicating the economy is coping well with rising interest rates.
This reduces the likelihood of rate cuts, which would impact the flow of money into riskier sectors. investments as cryptocurrencies.
In this context, Finbold has identified two cryptocurrencies that are expected to reach a market capitalization of $25 billion by the second half of the year.
These predictions depend on the continuation of bull run and the potential benefits of high supply inflation, which could boost market capitalizations even if price movements are minimal.
Dogecoin (DOGE)
Dogecoin (DOGE) the current market capitalization stands at $21 billion. Recently, Dogecoin price has faced serious bearish pressure, falling below $0.15 for the first time in June 2024.
Despite this slowdown, recent blockchain activity suggests that this decline may be temporary.
Significant whale activity has been observed on Dogecoin blockchain. Ali Martinez, crypto analyst reported over 150 DOGE transactions, each worth over $1 million, in a single day.
Doge price and market capitalization. Source: CoinMarketCap
This increase in whale transactions, the highest since mid-April, indicates that major investors are acquiring Dogecoin at current prices, paving the way for a potential price recovery.
Although the meme coin sector has been under intense selling pressure, technical analysis DOGE projects could surpass $1 per coin.
However, economic fundamentals and market volatility could call this objective into question.
Despite a recent 7% drop in value on the weekly chart, Dogecoin’s substantial market capitalization and strong community support could drive it towards the $25 billion mark.
Toncoin (TON)
Contrary to broader market trends, Toncoin, a layer 1 cryptocurrency closely related to Telegramincreased by more than 6.5%.
At press time, Toncoin is trading at $7.18, with a market capitalization of $17.4 billion and trading volumes exceeding $354 million.
This push follows Telegram Announcement a new in-app currency, Stars, linked to Toncoin.
Stars will facilitate the purchase of digital goods and services across all Telegram mini-apps, creating an encrypted ecosystem.
Users can purchase stars with fiat currency or directly in Telegram, using them to purchase digital products in Telegram mini apps.
The Toncoin price rise is also supported by significant whale accumulation. Market analyst Ali Martinez noted a 237% increase in Toncoin whale trading in a single day, going from 5 to 27 transactions as of June 3.
Analysts predict that Toncoin price could reach $10 if Bitcoin and the broader cryptocurrency market continue their upward trend.
Thanks to continued integrations and strong investor interest, Toncoin is well-positioned to reach the market cap of $25 billion in the second half of the year.
It is worth noting that while ecosystem activities support these cryptocurrencies, their potential to reach the $25 billion mark largely depends on whether the market’s bullish momentum continues.
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