đŁ 2 cryptocurrencies to reach $25 billion market cap in the second half of the year
The cryptocurrency market remains volatile, heavily influenced by broader economic factors. Recent U.S. job growth data exceeded expectations, indicating the economy is coping well with higher interest rates.
đž Dogecoin (#DOGE )
Dogecoinâs (DOGE) current market cap stands at $21 billion. Recently, the price of Dogecoin faced severe bearish pressure, dropping below $0.15 for the first time in June 2024.
Despite this downturn, recent blockchain activity suggests this decline might be temporary.
Significant whale activity has been observed on the Dogecoin blockchain. Crypto analyst Ali Martinez reported over 150 DOGE transactions, each worth over $1 million, in a single day.
This surge in whale transactions, the highest since mid-April, indicates that major investors are acquiring Dogecoin at current prices, setting the stage for a potential price recovery.
Although the meme coin sector has been under intense selling pressure, technical analysis projects DOGE could surpass $1 per coin.
However, economic fundamentals and market volatility may challenge this target.
Despite a recent 7% decline in value on the weekly chart, Dogecoinâs substantial market cap and strong community support could drive it towards the $25 billion mark.
đž Toncoin (#TON )
Unlike broader market trends, Toncoin, a Layer-1 cryptocurrency closely linked to Telegram, has rallied by over 6.5%.
As of press time, Toncoin is trading at $7.18, with a market cap of $17.4 billion and trading volumes exceeding $354 million.
This surge follows Telegramâs announcement of a new in-app currency, Stars, linked to Toncoin.
Stars will facilitate the purchase of digital goods and services across all mini-apps on Telegram, creating a crypto-backed ecosystem.
Users can purchase Stars with fiat currency or directly within Telegram, using them to buy digital products within Telegram mini-apps.
