Connect with us

24/7 Cryptocurrency News

Toncoin Melts Down Despite TON Network’s USDT Milestone

Published

on


The TON Network is evolving at a very fast pace, with enablement from Tether (USDT). The duo inked their partnership in April this year, charting a positive bullish growth curve from that time to date. According to data from CryptoQuant, the USDT on TON Network has now officially crossed the $1 billion milestone.

Tether USDT and the TON Network – The Power Duo

Both Tether and TON are dominating different aspects of the market in their own rights. While Tether issues the industry’s biggest stablecoin, TON Network powers a new generation of Decentralized Applications (DApps) on Telegram.

Per the CryptoQuant data, USDT on TON has grown by 670% in the past 6 months. In May, the stablecoin on the protocol had a valuation of $130 million. Today, the actually locked USDT comes in at $1.02 billion.

Per the chart shared by CryptoQuant, the USDT supply on TON Network has flattened out from September to date. The explosion hinges on the growth in its Decentralized Finance (DeFi) ecosystem. Data from DeFiLlama shows that its Total Value Locked (TVL) is now pegged at $720 million.

This metric is bound to continue its upward trajectory with current plans between the protocol and Tether. As reported earlier, Tether confirmed it will launch Dirham-backed USDT on TON to drive liquidity in the Middle East. With this new fiat integration on TON, the liquidity will grow ultimately to trigger a potential uptick for USDT circulating on it.

The Telegram Ecosystem Mini Game Impact

Part of the success of the TON Network over the past year revolves around the Telegram mini-apps.

From Notcoin (NOT) to Catizen (CATI) and Hamster Kombat (HMSTR), the hype around this project drove massive capital onchain. While most of these projects are considered huge successes, a few, like Hamster Kombat dissapointed the community with its airdrop.

Many considered the T2E era is fading off, however, these games evolution might help solidify the growth on TON in the long term. In all these, Toncoin remains the biggest gainer, soaring to the top 10 list of most capitalized coins earlier this year.

As of writing, the coin was changing hands for $4.88, down by a mild 0.16% in 24 hours. Despite this correction, an earlier Toncoin price analysis predicts the possibility of topping $20 this bull cycle.

✓ Share:

Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

Follow him on X, Linkedin

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

24/7 Cryptocurrency News

Stellar Price Skyrockets Over 80%, XLM Rally to $1 Imminent?

Published

on


Stellar price has seen a remarkable surge, climbing over 80% in the last 24 hours, rising to number one in the top gainers. The bullish momentum has pushed XLM from $0.302 to a peak of $0.55, as traders and analysts anticipate the possibility of the asset nearing the $1 mark.

Stellar Price Reaches $0.55 Amid Bullish Momentum

Stellar’s price rise reflects strong buying interest as it touched $0.55, marking a significant upward trend. After a period of consolidation around $0.40, the cryptocurrency broke through resistance levels, delivering impressive returns for investors. 

Market participants have noted this upward movement as a sign of renewed confidence in the asset’s potential. However, the price also briefly retraced from its peak as it faced resistance at the $0.55 level, suggesting that $1 remains a potential milestone rather than an immediate outcome. Jed McCaleb, Stellar’s founder, has also added to the growing optimism surrounding the network. 

In a recent statement, McCaleb commented on Stellar’s current momentum and its role in global financial systems. “Stellar is the most underrated and least understood crypto project,” McCaleb remarked, emphasizing its ability to facilitate real-world transactions and its high efficiency. He noted,

“The best and most impactful use of crypto is as digital money, and this is what Stellar is built for.”

Grayscale Stellar Lumens Trust Records 10% Asset Growth

Grayscale Investments LLC’s recent 10-K filing highlighted a 10% increase in the net assets of its Stellar Lumens Trust during the fiscal year ending September 2024. 

Despite the challenges posed by XLM price fluctuations and management fees, the trust managed to grow its assets due to the addition of 34,875,230 XLM tokens valued at $3,923.

Trading activity around Stellar has surged, with derivatives markets experiencing substantial growth in both volume and open interest. The trading volume for XLM derivatives rose by 284.26%, reaching $8.98 billion, while open interest increased by 125.88% to $393.05 million. 

XLM/USD chart (source: Coinglass)XLM/USD chart (source: Coinglass)
XLM/USD chart (source: Coinglass)

The filing also outlined that the trust faced losses stemming from token depreciation earlier in the year, but these were offset by a robust recovery and asset inflows. The document underscores the growing institutional interest in Stellar as an investment vehicle, aligning with its recent market performance.

Analyst Predicts Multi-Year Price Pattern May Propel XLM to $3-$5

Cryptocurrency analysts have highlighted a multi-year price structure for Stellar, suggesting that it may be poised for further growth. A prominent market speculator, known as “Charting Guy,” recently shared a prediction that Stellar could achieve price targets between $3 and $5.

ImageImage

According to the analyst, XLM price has been forming a bullish “Adam and Eve” pattern on the monthly chart since 2017. This chart pattern is often associated with long-term upward momentum. 

Charting Guy emphasized patience, indicating that the current rally could lead to substantial gains for long-term holders. A potential breakout from this pattern could result in a 930% to 1,617% increase from current levels, further reinforcing optimism in Stellar’s market trajectory.

✓ Share:

Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading

24/7 Cryptocurrency News

Cardano Hydra Unveils Gamified Test Campaign, ADA Price Reacts

Published

on


Input Output Hong Kong (IOHK), the parent company of Cardano (ADA) has announced its upcoming Hydra testing campaign. Packaged as a gaming tournament on Doom, a title built on Hydra protocol, the startup said it plans to push the limit of the scaling solution.

Cardano Hydra Expectations

As IOHK revealed, the Hydra Doom deathmatch will kick off next month. The gamified testing is in stages and will feature both bots and humans. While the first round will feature players versus bots, the second round will see real players take on themselves.

Cardano plans to incentivize participation in the Hydra Doom tournament with a 100,000 USDM prize pool. Cardano developed the protocol as its solution to scaling the mainnet. Doom is one of the dominant DApps that even Charles Hoskinson promotes as a showcase of the Hydra innovation.

This is not the first time the protocol will carry out related testing on Hydra. It relies on the performance and statistics from this testing to firther develop the protocol.

As reported earlier by Coingape, in previous testing, Hydra Doom recorded a total transaction of 3 million in approximately 1 hour. Beyond this, it achieved a 1663 Global TPS. In addition, it recorded more than a constant 1000 transactions with no failed transactions. Lastly, Cardano Hydra Doom attained a 14% 1 hour chain load.

Community and ADA Market Reaction

Cardano remains one of the best performing assets in the market at the month. Despite ADA price crossing the $1 mark, top market analysts believes it is just getting started.

Initial reaction that trailed the Hydra Doom testing has further sparked community intrigue. Many members of the Cardano ecosystem confirmed sign ups to the testing event, boosting ADA price sentiment.

At the time of writing, the coin was changing hands for $1.06, up 8.62% in 24 hours. Within this time span, the coin jumped from a low of $0.9508 to a high of $1.16. Riding on the broader Bitcoin price momentum, Cardano appears poised to reclaim new highs and current ecosystem upgrades might help achieve this goal.

 

✓ Share:

Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

Follow him on X, Linkedin

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading

24/7 Cryptocurrency News

BTC Continues To Soar, Ripple’s XRP Bullish

Published

on


The crypto universe has concluded yet another week, primarily with riveting developments unfolding across the broader sector. Bitcoin (BTC) continues to pump, hitting a new ATH this week. Simultaneously, Ripple’s XRP garnered significant market attention, recording considerable gains. The broader market continues to leverage investor optimism post-U.S. elections that saw Donald Trump reelected as the president.

Here’s a brief collection of some of the top cryptocurrency market headlines that have significantly impacted investor sentiment over the past seven days.

BTC Hits New ATH Amid Bull Crypto Market

BTC price hit a new ATH near the $100K level this week, echoing a buzz across the broader sector. Notably, the flagship coin gained roughly 10% over the past week to hit an ATH of $99,655. Attributable to this bullish movement post-U.S. elections, Rich Dad Poor Dad author Robert Kiyosaki shared a bold prediction for the coin, anticipating its price to hit $13 million.

Simultaneously, the crypto also saw heightened institutional interest amid its bullish movement, underscoring the potential for further gains. Aligning with this heightened market interest, biopharmaceutical firm Hoth Therapeutics forged ahead with BTC buying plans, sparking additional optimism surrounding the crypto.

Meanwhile, Bitcoin miner MARA completed its $1 billion private offering this week, with some of the proceeds set to be used to buy more BTC. Overall, the flagship coin leveraged significant buying pressure this week, paving a bullish path for future movements.

Ripple’s XRP Steals Attention

On the other hand, XRP’s price witnessed gains worth 40% over the past week, cementing investor optimism amid a bullish digital asset sector. Notably, XRP whales accumulated nearly $526M worth of the token this week, indicating that the Ripple-backed coin could pump higher. Veteran trader Peter Brandt predicted amid this bullish movement that a parabolic rally for the crypto also lies ahead.

Further, Ripple CEO Brad Garlinghouse conveyed bullish sentiments on XRP and a possible end to the SEC lawsuit, primarily attributable to the newly appointed U.S. Treasury Secretary Scott Bessent. Simultaneously, the Ripple vs. SEC lawsuit saw the regulator and FINRA trying to bring “digital asset securities” claims. This mover comes against the backdrop of XRP’s rally to $1, with speculations of a looming $2 target on SEC Chair Garu Gensler’s exit.

Overall, these market updates have sparked significant investor enthusiasm over the crypto realm’s future action, with market watchers being optimistic.

✓ Share:

Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading
Advertisement [ethereumads]

Trending

    wpChatIcon