As an experienced crypto market analyst, I’ve witnessed numerous trends and shifts throughout the past few years. The recent data suggesting a surge in cryptocurrency market activity, with Toncoin ($TON) and Dogecoin ($DOGE) showing surprising strength compared to established players, piques my interest.
Recent findings indicate a significant increase in cryptocurrency market action. Notably, Toncoin ($TON) and the humorous digital currency Dogecoin ($DOGE) have demonstrated unexpected vigor contrasting the prominent stablecoins and other altcoins like XRP, LINK, and ADA.
Based on information provided by Santiment, the utilization of Dogecoin and Telegram’s TON has experienced a substantial increase, as evidenced by the uptick in the number of active wallets. Specifically, TON has undergone a 110% expansion, while Dogecoin has recorded a 27% surge over the previous six months.
In concrete figures this means that a total of 16,800 new addresses were create on the Toncoin network, while DOGE saw the creation of 6.6 million new wallets. Despite seeing slower growth leading cryptocurrencies Ethereum and Bitcoin saw the creation of a greater number of non-empty wallets, with EHT adding over 120 million wallets after growing 11%, while Bitcoin added 53.9 million wallets, a growth of 10%.
As an analyst, I’ve observed noticeable increases in the number of wallets for prominent stablecoins such as XRP, LINK, and Ada. Specifically, XRP witnessed a growth of approximately 5.2 million new wallets, which represents a modest expansion of only 7% over the past six months. Similarly, ADA experienced an addition of around 4.5 million wallets, which barely registers a significant impact on the overall user base.
Based on the greatest increase in the past six months among top cryptocurrencies by market capitalization, excluding empty wallets, here is the net change for the following:
— Santiment (@santimentfeed) May 3, 2024
Significantly, TON, the unsophisticated digital currency of The Open Network’s blockchain, has experienced remarkable growth over the past few months. Currently, its value is at $5.9, and its market capitalization stands at an impressive $20.4 billion. This places it above Cardano in rankings.
To meet the rising demand for secure digital identity authentication, the TON Foundation revealed on April 7, 2024, a partnership between TON Society and HumanCode. The goal of this collaboration is to incorporate cutting-edge technology for verifying digital identities within the TON system.
The partnership establishes a $5 million initiative to motivate TON community members to embrace the new features.
The growing enthusiasm for TON can be attributed in part to its integration into Telegram back in September 2023. With the rollout of the TON wallet, this messaging app’s massive user base of over 800 million people gained access, fueling the early price spike.
Currently, Dogecoin may experience an uptrend based on a cryptocurrency expert’s analysis. This optimistic outlook stems from Dogecoin recording its first bullish monthly closing in the previous three years. The analyst believes that the digital currency could potentially reach a price of up to $1.
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2024-05-08 03:56