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Toncoin Melts Down Despite TON Network’s USDT Milestone

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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.

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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.

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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.





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Cardano Hydra Unveils Gamified Test Campaign, ADA Price Reacts

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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.

 

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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.





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BTC Continues To Soar, Ripple’s XRP Bullish

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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.

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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.





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US PCE, FOMC Minutes, & Crypto Expiry In Focus, Brace For Market Impact

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The crypto market enters a crucial week, with a flurry of key events like the US PCE inflation, FOMC Minutes, and Q3 GDP (first revision) data, among others, scheduled. In addition, the crypto market expiry has also fueled concerns among the market participants. For context, the investors are awaiting the impact of these events, as the broader market noted a massive rally in recent days.

US PCE Inflation & FOMC Minutes In Focus

The crypto market awaits a flurry of key economic events this week, including US PCE, FOMC, and others, with speculations soaring over the potential impact on asset prices. Notably, the week will start with Consumer confidence data and US FOMC for November scheduled on Tuesday, November 26. This would provide further cues on the Fed’s potential stance with their monetary policy plans, which usually affect the investors’ sentiment.

In addition, the minutes will also be closely watched, as recent reports showed that the US Federal Reserve said that it won’t be focusing on the 2% inflation target ahead. Besides, with Donald Trump’s election victory and Elon Musk’s focus on cutting Federal spending, investors will keep close track of the central bank’s minutes this week.

Following that, the market participants will await the US GDP figures for the third quarter. The first revision of the economic figure is scheduled for Wednesday, November 27, which will provide cues on the US economic health. This is also likely to impact the sentiment of the broader financial sector, let alone the crypto market.

Meanwhile, investors will be closely watching the inflation figures, especially after recent data indicates prices are soaring. The US PCE inflation, set for Wednesday, is expected to come in at 0.2% in October, unchanged from the previous month’s figure. On the other hand, the YoY PCE figure is expected to accelerate at 2.3%, as compared to 2.1% noted in the prior month.

In addition, the Core PCE inflation figures, which exclude the energy and food prices, are expected to show a 2.8% surge, up from the 2.7% noted in September. However, the monthly figure is expected to remain unchanged at 0.3%.

Will Crypto Expiry Impact The Ongoing Rally?

Bitcoin and other top altcoins have noted robust rallies recently, with optimism hovering in the market after Donald Trump’s election win. However, some market experts anticipate the upcoming crypto expiry to impact the market sentiment.

According to Deribit data, $9.13 billion in Bitcoin options is set to expire on November 29, with a put/call ratio of 0.80. The max pain price is $77,000. On the other hand, $1.24 billion Ethereum is also set to expire on the same date, with a put/call ratio of 0.77 and a max pain price of $2,800.

Crypto Expiry Bitcoin Expiry November 29Crypto Expiry Bitcoin Expiry November 29
Source: Deribit

This crypto expiry, worth more than $10 billion, is likely to spark volatility in the market, impacting investors’ sentiments. In addition, many top experts including Peter Brandt hint towards a potential Bitcoin selloff ahead, while remaining optimistic about the crypto’s long-term trajectory.

Having said that, the market will keep close track of the US PCE inflation figures, FOMC minutes, and other macroeconomic events. In addition, the crypto expiry is also expected to impact the traders’ sentiment, especially amid the ongoing rally in the market.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

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.





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