The cryptocurrency market remains volatile, heavily influenced by broader economic factors. Recent US jobs growth data exceeded expectations, suggesting the economy is coping well with higher interest rates.
🔸 Dogecoin #DOGE)
The current market capitalization of Dogecoin (DOGE) is $21 billion. Recently, Dogecoin price faced severe downward pressure, falling below $0.15 for the first time in June 2024.
Despite this downturn, recent blockchain activity suggests this decline may be temporary.
Significant whale activity has been observed on the Dogecoin blockchain. Cryptocurrency analyst Ali Martinez reported more than 150 DOGE transactions, each worth more than $1 million, in just one day.
This increase in whale trading, the highest since mid-April, shows that large investors are buying Dogecoin at current prices, setting the stage for a potential price recovery.
Although the meme coin sector is under strong selling pressure, technical analysis projects DOGE could surpass $1 per coin.
However, economic fundamentals and market volatility may challenge this target.
Despite the recent 7% decline in value on the weekly chart, Dogecoin's substantial market capitalization and strong community support could propel it towards the $25 billion mark.
🔸 Toncoin #TON)
Bucking the broader market trend, Toncoin, a Layer 1 cryptocurrency closely linked to Telegram, rose more than 6.5%.
As of press time, Toncoin is trading at $7.18, with a market capitalization of $17.4 billion and trading volume exceeding $354 million.
This increase follows Telegram's announcement of a new in-app currency, Stars, linked to Toncoin.
Stars will facilitate the purchase of digital goods and services across all micro-apps on Telegram, creating a cryptocurrency-powered ecosystem.
Users can purchase Stars with fiat currency or directly within Telegram, using them to purchase digital products within the Telegram mini-app.
