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In the last 24 hours, the top cryptocurrencies have been demonstrating notable movements in the market, particularly Toncoin (TON), Celestia (TIA), and Dogwifhat (WIF). With Bitcoin halving just a few hours away, each of these digital assets has experienced significant developments, attracting attention from traders and investors alike.
Toncoin (TON) has been displaying remarkable strength in recent trading sessions. With its price hovering around $7, TON has shown resilience despite market volatility. The token's performance has been particularly noteworthy, with its price surging by over 14.8% in the past 24 hours, trading at $7.15 at press time. Concurrently, TON's market capitalization and 24-hour trading volume surged by 16.91% and 100%, respectively, to $24,832,919,363 and $796,031,230.
One of the key factors contributing to Toncoin's strength is its consistent upward momentum, with the token heading towards the possibility of forming a new all-time high above $8. This bullish trend is supported by increasing buying volume, which currently stands at over $500 million. Additionally, Toncoin's blockchain has achieved a significant milestone, surpassing $148 million in Total Value Locked (TVL), reflecting growing confidence and participation within its ecosystem.
TON/USD 24-hour price chart (source: CoinMarketCap)
The recent surge in Toncoin's price can be attributed to several factors, including positive market sentiment, innovative projects within its ecosystem, and anticipation surrounding potential partnerships. Projects like the liquid stake protocol for Tonstakers and the decentralized exchange STON.fi have garnered considerable attention, further fueling Toncoin's growth.
Moreover, rumors of a potential collaboration between the TON Society's developer community and the AI firm HumanCode have generated excitement among investors, contributing to Toncoin's upward trajectory.
In contrast to Toncoin's bullish performance, Celestia (TIA) has been experiencing a correction phase in the market. Despite being one of the best-performing assets in late 2023 and early 2024, Celestia has witnessed a significant decrease in price, falling over 65% from its February all-time high.
The correction in Celestia's price has coincided with a surge in staking activity, with users staking TIA tokens in anticipation of potential airdrops. However, the increase in staking has not prevented TIA's price from hitting a new yearly low of $7.28 on April 13. This downward trend has raised questions about the sustainability of Celestia's previous bullish momentum and the potential for further price declines.
TIAUSD 24-hour price chart (source: CoinMarketCap)
Despite the price correction, there are indications that Celestia's bottom may be near. The recent increase in staked TIA tokens, coupled with the completion of a corrective structure in the price chart, suggests that a new bullish wave could be on the horizon. If the current wave count is accurate, Celestia may soon embark on a new upward movement, potentially leading to a new all-time high. Moreover, by topping the CoinMarketCap top gainers in the last 24 hours, TIA recovery has been evidenced. At press time, TIA was trading at $10.89, a 13.07% surge from the intra-day low.
Dogwifhat (WIF), a meme coin with a growing presence in the cryptocurrency market, has been gaining momentum in recent days. The announcement of Coinbase's plan to launch Dogwifhat perpetual futures trading for non-U.S. customers on April 25, 2024, has sparked renewed interest in the token.
The introduction of Dogwifhat perpetual futures is a significant development for Coinbase as it expands its derivatives offerings to cater to the growing demand for sophisticated trading tools. With the cryptocurrency derivatives market experiencing a surge in trading volumes, Coinbase aims to capitalize on this trend by offering new products like Dogwifhat futures.
WIF/USD 24-hour price chart (source: CoinMarketCap)
The anticipation surrounding the launch of Dogwifhat futures has contributed to bullish sentiment in the market, leading to a rise in Dogwifhat's price from $2.26 to $2.87. Although there has been some retracement, the token continues to trade close to these levels, with a notable increase in trading volume. At press time, WIF was trading at $2.88, a 19.60% surge from the intra-day low.
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