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The crypto space is full of bullish sentiments, and the community is eagerly waiting to experience the impending bull run after the “crypto winter” of 2023. Currently, Bitcoin is trading at nearly $65,000, and altcoins have also seen an upward trajectory due to the recent news related to the geopolitical tensions stemming from Iranian strikes against Israel. With so much going on, Neo (NEO), Toncoin (TON), and VeChain (VET) have drawn considerable interest due to recent developments and market shifts. Let’s have a look at these top cryptos that you can watch this week.
#1 Neo (NEO)
Neo, initially called Antshares, was co-founded by Da Hongfei and Erik Zhan in China in 2014. It was later rebranded to Neo in June 2017. Neo blockchain is often called the “Ethereum of China” due to its Chinese origin. It brands itself as a platform via which anyone can transact and build decentralized products and services, similar to Ethereum.
It works on the delegated Byzantine Fault Tolerance (dBFT) – a modified Proof-of-Stake (PoS) protocol. The Neo blockchain aims to automate the management of digital assets via smart contracts and build a distributed network-based smart economy system. Unlike many other blockchains, this network has dual native tokens: NEO and GAS. While NEO functions as an investment token, GAS is utilized to pay transaction fees on the network.
The NEO coin is the native token of the large ecosystem of smart contracts, distributed apps, and other functionalities hosted over the Neo blockchain. Currently, there are 70.5 million NEO tokens in circulation — and a total supply of 100 million was generated when the blockchain was launched. These tokens were distributed on a 50/50 basis — 50% of the NEO tokens were sold in the ICO, and the other half was split among developers and the Neo Council.
The price of Neo (NEO) on WazirX is INR 2,179 today. According to CoinMarketCap, the 24-hour trading volume is $674,024,251, with a circulating supply of 70,538,831 NEO and a market cap of $1,596,850,409.
The recent surge in NEO price, climbing by 21.88% to $22.58 as of Monday, aligns with the resurgence in Bitcoin following a weekend flash crash. This upward momentum positions NEO among the top gainers on various trading platforms. Technically, NEO is consolidating within an ascending parallel channel, signaling bullish sentiment. The Relative Strength Index (RSI) and Simple Moving Averages (SMAs) indicate a bullish bias, supported by the positive territory of the Awesome Oscillator (AO).
#2 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 7.0283 USDT today. According to CoinMarketCap, the 24-hour trading volume is $623,712,052, with a circulating supply of 3,470,834,592 TON and a market cap of $24,589,448,225.
Toncoin (TON) has seen a recent surge in price driven by its integration with the Telegram social media platform, evolving into a hub for web3 services via The Open Network (TON). Surpassing Dogecoin (DOGE) in market share and daily trading volume, TON’s market cap reached approximately $24.50 billion, marking a significant milestone in its ascent. Despite Dogecoin’s continued popularity, TON’s daily trading volume of about $690 million reflects its growing traction among investors.
With a commitment to democratizing smart contracts and supporting web3 developers, TON’s ecosystem is poised for further growth, buoyed by institutional interest and Telegram’s vast user base. With indicators signaling sustained bullish momentum, TON has the potential to continue its upward trajectory in the weeks and months ahead, propelled by heightened demand and ongoing developments within its ecosystem.
#3 VeChain (VET)
VeChain (VET) is a versatile L1 smart contract platform for enterprise-grade applications. Originating in 2015 as a private consortium chain, VeChain collaborated with various enterprises to explore blockchain applications.
Its mission involves utilizing distributed governance and Internet of Things (IoT) technologies to establish an ecosystem addressing significant data challenges across diverse global industries, spanning healthcare, energy, food and beverage, sustainability, and SDG goals. VeChain is constructing the digital foundation for the fourth industrial revolution through trustless data, facilitating real-time and trustless data sharing among multiple participants.
The platform has effectively showcased enhanced efficiency, traceability, and transparency across data trails, supply chains, and innovative ecosystems, such as those in San Marino, targeting UN SDGs.
The price of VeChain (VET) on WazirX is INR 4.19181 today. According to CoinMarketCap, the 24-hour trading volume is $209,668,447, with a circulating supply of 72,714,516,834 VET and a market cap of $3,275,333,155.
VeChain (VET) has witnessed a recent surge attributed to its groundbreaking announcement of tokenizing gloves worn by Ultimate Fighting Championship (UFC) fighters on the VeChainThor network. This innovative move allows users to track fighter identities and fight data via NFC chips embedded in the gloves. VeChain’s partnership with UFC aims to combat fraud in the secondary market for match-worn gloves, providing authenticity through its ToolChain supply chain system. Despite community reactions varying from excitement to skepticism, VeChain’s price analysis indicates a consolidation within a range, with potential for a breakout above resistance or a downtrend if support levels falter.
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.
