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As the US Federal Reserve announced that it would leave interest rates unchanged on June 12, the price of Bitcoin experienced a dip, along with other altcoins following the same pattern. But a few altcoins decided otherwise, and they saw a slight surge in their prices.
In this blog, we’ll look at the cryptos that have performed well, and you can keep an eye on them this week.
#1 Toncoin (TON)
Toncoin, commonly denoted as TON, serves as the inherent digital currency for a decentralized Layer 1 blockchain that originated from the endeavors of the well-known messaging platform Telegram in 2018. Initially launched as the “Telegram Open Network,” the project underwent a transformation when Telegram disengaged from its involvement. Subsequently, the TON Foundation, an enthusiastic and autonomous community, assumed leadership, rebranding the initiative as “The Open Network.” The native cryptocurrency within this network, Toncoin (TON), was formerly recognized as Gram.
The price of Toncoin (TON) on WazirX is INR 759.996 today. According to CoinMarketCap, the 24-hour trading volume is $332,196,486, with a circulating supply of 2,432,982,023 TON and a market cap of $18,958,745,668.
Toncoin’s price surge can be attributed to several key factors. Firstly, the Total Value Locked (TVL) in the TON blockchain has more than doubled recently, reaching over $600 million, driven by substantial gains in top protocols like DeDust. This indicates growing confidence and activity within the TON ecosystem. Additionally, Telegram’s integration with TON has significantly boosted its adoption, leveraging Telegram’s massive user base to popularize play-to-earn games and digital payments. Strategic partnerships, such as investments from Pantera Capital and collaboration with Tether, have further reinforced investor confidence, contributing to the recent bullish momentum in Toncoin’s market performance.
#2 Uniswap (UNI)
Uniswap is a well-known decentralized trading protocol that helps automate the trading of Decentralized Finance (DeFi) tokens. UNI, the governance token of the Uniswap platform, also allows users to vote on crucial protocol improvements and is, hence, one of the largest cryptos in market capitalization.
Uniswap, launched in November 2018, was one of the first DeFi services to acquire considerable momentum on Ethereum. Many other Decentralized Exchanges (DEX) have since been launched, but Uniswap has always been the most popular by a notable margin.
The price of Uniswap (UNI) on WazirX is INR 981.00 today. According to CoinMarketCap, the 24-hour trading volume is $255,185,206, with a circulating supply of 599,957,295 UNI and a market cap of $6,559,046,868.
Uniswap’s (UNI) price surge can be attributed to several technical and market factors. On June 12, UNI bounced off a key support level, initiating a classic reversal pattern that led to a five-day continuous rally. This period saw UNI gaining over 37%, even as other major cryptocurrencies struggled. The surge was further fueled by UNI breaking above the neckline of an inverted head-and-shoulders pattern, a bullish signal in technical analysis. This breakout has sparked renewed investor interest, contributing to UNI’s strong performance.
#3 Tron (TRX)
A blockchain-based company called Tron debuted in 2017. It was fairly unusual at the time because it didn’t try to promote any advancements in network design or cryptography.
Other projects invented the fundamental components of Tron, including Delegated Proof-of-Stake (DPoS) consensus, smart contracts, tokens, and Decentralized Applications (dApps). Despite some criticizing the project for lacking innovation, many favored adopting tried-and-true features rather than making an effort to build something completely new. This also made it possible to concentrate more on user experience and design.
The TRX crypto received even more widespread attention in 2018 when the Tron Foundation, the non-profit development organization that created Tron, purchased BitTorrent, a P2P content-sharing platform.
The price of Tron (TRX) on WazirX is INR 10.4611 today. According to CoinMarketCap, the 24-hour trading volume is $303,843,846, with a circulating supply of 87,275,891,711 TRX and a market cap of $10,206,352,77.
TRON’s price surge can be attributed to its proactive steps in optimizing energy consumption through a proposed update to the TRON Virtual Machine (TVM) opcodes, detailed in TIP-653. This initiative targets the SUICIDE and VOTEWITNESS opcodes to ensure energy consumption reflects true resource usage, addressing potential issues like unfair resource modeling and susceptibility to DDoS attacks. The proposal highlights TRON’s commitment to a democratic and community-driven approach to protocol enhancements. Despite potential backward compatibility concerns, the adjustments are expected to enhance overall protocol efficiency and security, reinforcing TRON’s reputation as an innovative leader in the blockchain space.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
