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.
This reduces the likelihood of rate cuts, which impacts the flow of money into riskier investments like cryptocurrencies.
Amid this backdrop, Finbold has identified two cryptocurrencies projected to achieve a $25 billion market cap by the second half of the year.
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These predictions hinge on the continuation of the bull run and the potential benefits of high supply inflation, which could boost market caps even if price movements are minimal.
Dogecoin (DOGE)
Dogecoin’s (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, Dogecoin’s substantial market cap and strong community support could drive it towards the $25 billion mark.
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 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 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.
Toncoin’s price rally is also supported by significant whale accumulation. Market analyst Ali Martinez noted a 237% increase in Toncoin whale transactions in a single day, rising from 5 to 27 transactions as of June 3.
Analysts predict Toncoin’s price could reach $10 if Bitcoin and the broader cryptocurrency market continue their upward trends
With continued integrations and robust investor interest, Toncoin is well-positioned to reach the $25 billion market cap in the second half of the year.
It’s worth noting that while the ecosystem’s activities support these cryptocurrencies, their potential to reach the $25 billion mark largely depends on whether the market maintains its bullish momentum.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk
