Two cryptocurrencies expected to reach a 25 billion market capitalization in the latter part of the year
The world of digital currencies remains unpredictable, strongly influenced by larger economic factors. Recent data on job growth in the United States has surpassed expectations, indicating that the economy is handling higher interest rates well. This development reduces the chances of interest rate cuts, affecting the flow of money into riskier investments such as cryptocurrencies.
Against this backdrop, Finbold has singled out two cryptocurrencies that are expected to reach a market cap of $25 billion by the second half of the year.
Dogecoin (DOGE)
With a current market cap of $21 billion, Dogecoin has been facing significant downward pressure on its price, dropping below $0.15 for the first time in June 2024. Despite this decline, recent activity on the Dogecoin blockchain suggests that this downward trend may only be temporary.
There has been a notable increase in large transactions on the Dogecoin blockchain, with over 150 transactions worth over $1 million each being reported in a single day by crypto analyst Ali Martinez. This surge in whale transactions, the highest since mid-April, indicates that major investors are purchasing Dogecoin at current prices, potentially setting the stage for a price recovery.
Although technical analysis suggests that DOGE could surpass $1 per coin, economic fundamentals and market volatility may pose challenges to this target. However, with its significant market cap and strong community support, Dogecoin could potentially reach the $25 billion mark despite a recent 7% decline in value.
Toncoin (TON)
In contrast to broader market trends, Toncoin, a Layer-1 cryptocurrency closely associated with Telegram, has experienced a rally of over 6.5%. Currently trading at $7.18 with a market cap of $17.4 billion and trading volumes exceeding $354 million, Toncoin’s surge follows Telegram’s introduction of a new in-app currency called Stars, linked to Toncoin.
Stars will enable users to buy digital goods and services across all mini-apps on Telegram, establishing a crypto-backed ecosystem. Users can purchase Stars with fiat currency or directly within Telegram, using them to acquire digital products within Telegram mini-apps.
Toncoin’s price rally is further supported by a significant increase in whale transactions, with market analyst Ali Martinez noting a 237% rise in Toncoin whale transactions in a single day.
Analysts predict that if Bitcoin and the broader cryptocurrency market continue on their upward trajectory, Toncoin’s price could potentially reach $10. With ongoing integrations and strong investor interest, Toncoin is well-positioned to achieve a $25 billion market cap in the latter half of the year.
While the activities within their ecosystems support these cryptocurrencies, their potential to reach the $25 billion mark largely hinges on whether the market maintains its positive momentum.
Disclaimer: The information provided should not be taken as investment advice. All investments carry a degree of risk.