While Ethereum Shines, Top Analyst Reveals His Best ‘Under-Radar’ Altcoin
May 28 2024 - 3:25AM
NEWSBTC
In a recent post on X, renowned crypto analyst Alex Wacy outlined
his perspectives on the current state of the crypto market and his
top pick for an “under-the-radar” altcoin following the recent
price surge of Ethereum. Despite its position as the 9th largest
cryptocurrency by market capitalization, Wacy remains bullish on
the potential of Toncoin (TON), a third-generation blockchain.
“Altseason is coming while Ethereum shines. Now is the time to pick
your biggest bets with high conviction. L1s are about to boom, and
here is my under-radar pick!” Wacy declared. He emphasized the
significance of Layer 1 (L1) and Layer 2 (L2) blockchains as
foundational elements for mass crypto adoption, due to their role
in supporting various projects and infrastructure. “Watching
various projects, one realizes that L1 is the most clear and simple
thesis for retail,” he added. Related Reading: Ethereum Shifts
Gears: Breaks Key Resistance, New All-Time Highs Next TON,
originally developed by the Telegram team and later transitioned to
an independent developer community, is recognized for its high
performance and scalability. One of its standout features is its
deep integration with the Telegram messaging app, which boasts over
900 million monthly active users. This integration is seen as a
crucial lever for widespread crypto adoption. In terms of recent
achievements, the TON ecosystem has shown remarkable growth. The
blockchain’s Total Value Locked (TVL) has increased fifteenfold in
the last three months, and the price of TON has tripled. This surge
is accompanied by a flurry of positive developments and new
listings. One notable project within the TON ecosystem is Notcoin
(NOT), a Web3 gaming project that has quickly gained traction.
Since its launch earlier this year, Notcoin has attracted a vast
user base, reaching 35 million players who engage with the game to
mine tokens. These tokens were recently converted into NOT coins
and listed on exchanges. “On May 16, the day of the listing,
approximately 13 million unique Notcoin users received NOT, making
it the largest meme token by number of holders,” Wacy highlighted.
Remarkably, NOT is outpacing all other memecoins like DOGE (4.8
million holders), SHIB (1.4 million holders), BONK (720,000
holders) and PEPE (220,000 holders). Related Reading: Is Solana
Becoming The Preferred Choice For Ethereum Developers? SOL’s
Uptrend Suggests A Shift Further bolstering TON’s appeal, the
blockchain recently introduced the native support of USDT (Tether),
providing an accessible platform for Telegram’s massive user base
to engage in peer-to-peer payments. This development aligns with
TON’s strategy to facilitate seamless integration of Web3 services
into everyday activities. Wacy also shed light on the Open League,
a long-term incentive program designed to foster competition and
collaboration among TON projects. The program, now in its third
season, distributes millions of Toncoin to participants, boosting
ecosystem engagement. In addition, the STON.fi decentralized
exchange (DEX) on TON has emerged as a leader in terms of ease of
use and integration. Its USDT/TON pool recently surpassed $100
million in TVL, only four weeks after the launch of USDT on the
network. “The TON/USDt pool is currently boosted with 105% APY,
attracting significant investments,” Wacy noted, mentioning a
recent funding round led by CoinFund among other investors. As the
TON ecosystem continues to expand and evolve, it is clear that its
combination of technological innovation, strategic partnerships,
and community engagement positions it as a formidable player in the
blockchain space. Alex Wacy’s endorsement underscores the potential
for TON to lead the market on the back of an altcoin season sparked
by the recent rise of Ethereum. At press time, TON traded at $6.33.
Featured image created with DALL·E, chart from TradingView.com
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