- June market The recession accelerated last week.
- Toncoin leap Dogecoin eighth dot In ~ C.M.C. middle market downturn.
- market psychology Sink line with tumbling price.
The cryptocurrency market has been experiencing severe declines since early June, with selling pressure building up and leading to a 12% drop in market capitalization last week. This sharp decline wiped out a whopping $300 billion in valuations and sent the overall market to a seven-week low of $2.24 trillion.
The ripple effect has been felt across the board, with almost all top 100 tokens recording losses since last Monday. In this sea of red, Toncoin emerged as an unexpected winner, beating out popular memecoin Dogecoin and taking 8th place in the CoinMarketCap rankings.
Toncoin overtakes Dogecoin
Toncoin has made significant progress in recent months, securing key partnerships and expanding its ecosystem. A key milestone is the integration of the USDT stablecoin into the TON blockchain, enhancing its usability and user appeal. Additionally, the growing popularity of projects such as the Hamster Kombat Play-to-Earn game is driving interest in the Toncoin ecosystem.
This continued momentum is reflected in Toncoin’s steady rise up the cryptocurrency rankings. The token entered the top 10 projects by market capitalization for the first time in the week ending April 7. Soon after, in the week ending April 21, Toncoin overtook Cardano to take 9th place.
Due to recent market turmoil, Toncoin has shown relative resilience compared to its peers. Despite falling 4.8% in the last 24 hours and falling to $7.34, Toncoin’s market capitalization remains firmly at $18.03 billion at the time of writing.
In contrast, Dogecoin experienced a sharp decline of 5.4%, falling to $0.1179 with a market capitalization of $17.07 billion. This difference in performance allowed Toncoin to overtake Dogecoin to secure the 8th spot in the cryptocurrency rankings and further solidify its position as a rising force in the cryptocurrency space even as market conditions continue to deteriorate.
Market sentiment is shaken
The continued market decline has seen the Crypto Fear & Greed Index drop to 51 on June 24, its lowest level in seven weeks. This decline in sentiment coincides with the significant losses experienced across the cryptocurrency markets, and signals a shift towards a more cautious investor outlook.
Market sentiment has been on the downside since the Fear & Greed Index hit a local high of 74 on June 18. Even before this decline, the index had been bullish, consistently above 70 for the past four weeks.
The Fear and Greed Index aggregates data from a variety of sources, including volatility indicators, market momentum indicators, and social media sentiment, and serves as a barometer for gauging overall market sentiment and potential future trends.
On the flip side
- today price, Toncoin It is about $8.5 billion behind seventh place. XRP at Market Cap Ranking.
- cryptocurrency price Because it is volatile Market capitalization ranking Very changeable.
Why This Matters
Dogecoin has become the latest victim of Toncoin’s unstoppable rise. The momentum behind this project serves as a warning shot to competing layer 1 projects.
With Toncoin’s growing metrics, it was only a matter of time before it overtook Dogecoin.
Toncoin’s surge has put Meme King DOGE in the spotlight.
Hamster Kombat has raised concerns from governments around the world.
TON’s Hamster Kombat craze raises concerns about global authority