Why Toncoin and Dogwifhat Crushed Monday

The current bitcoin boom accelerated this trading week. Numerous altcoins rose by double-digits. This includes Toncoin (CRYPT:TON) and meme coin Dogwifhat (CRYPTO:WIF), which rose 18% and 12%, respectively. Lido DAO (CRYPTO: LDO) gained 12% to join the double-digit club.  

Market ripples Positive developments for various altcoins and a favorable investing environment for digital money drove those prices up.  

A top altcoin developer's statements also helped. In a Sunday CNBC interview, Ripple CEO Brad Garlinghouse predicted that the crypto market will nearly treble by year's end. He expects it to reach $5 billion, a big jump from $2.8 billion.  

Garlinghouse noted that the market has advanced this year due to the wild popularity of the recently listed spot Bitcoin (CRYPTO: BTC) exchange-traded funds and the upcoming halving of the major cryptocurrency.  

I'm optimistic," he told financial news outlet. I think macro developments like ETFs are driving institutional money for the first time." Of course, institutional investors have greater capital than most market players.

Toncoin and Dogwifhat's significant rises boosted cryptocurrencies. It returned to the top cryptos by market cap at No. 7 after reaching a new high of $6. After Telegram, whose developers created Toncoin, enabled crypto payments for advertising and content creators earlier this month, investors are enthused about this token's future. Telegram's possible IPO is also driving demand.  

The latter is a novelty token in a hot novelty niche. Investors are buying meme coins to get higher returns than Bitcoin. Dogwifhat began just months ago, thus some investors may think it has more upside potential than meme cryptos like Dogecoin.  

Talk is cheap, but... We should never invest in anything based on insider statements. Still, Garlinghouse's sentiments reflect the crypto market's widespread optimism. Generally, cryptocurrencies are gaining momentum, and specific categories are trading differently. Investing in coins and tokens is exciting, and we shouldn't expect a drop soon.  

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