When most people think of the top-performing tokens out there, they immediately think of the big names like Bitcoin, Ether, and Solana. But if the reports of the second quarter of 2024 taught us anything, it is that you should never look down on the underdog. Toncoin has been the true underdog for the longest time, but like they say, “every dog has its day.” Q2 2024 was definitely Toncoin’s day.
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If anyone had a good day or good quarter, it is Toncoin. Toncoin (TON) topped the price performance among the top 50 tokens by market cap in 2024’s second quarter magnificently. Besides being the top dog, TON’s value increased by over 40% within the last 90 days. That surge saw Toncoin take eighth place among the top cryptocurrencies by market cap. It seems like a ton of things are going right for Toncoin.
Meanwhile, other tokens are not having such a good day. CryptoKoryo reported that with the significant price constrictions the crypto market faced in the second quarter of the year, only three out of the top 50 tokens by market cap recorded a positive price performance in Q2. Solana came in last among the top five, with a decrease of about 31%. Bitcoin also got hit with a 12% fall. Ethereum fell by around 6%, even with the recent announcement of its potential ETF developments. BNB coin managed just a 4% drop.
But while other tokens are taking a blast out of their value, Toncoin is having a blast in its own space. During the same period, daily activity on the Toncoin network shot up to new highs. At a point, it even flipped Ethereum’s numbers. Another token that did very well was the layer-1 proof-of-work (PoW) blockchain Kaspa. Kaspa native token KAS also recorded a 41% increase in Q2 2024.
Of course, all eyes were on the top coins, and many asked what could have caused the underdogs to record such impressive performances. Well, for Toncoin, analysts have narrowed down the source of its sudden success to its association with Telegram. The social messaging app’s crypto integration has brought crypto to the doorstep of millions of mainstream users, and apparently, Toncoin got a ton of them.
For KAS, analysts have pointed out that its meteoric rise could be linked with Marathon Digital’s decision to start mining KAS as part of its efforts to diversify revenue. The meme coin PEPE was also among Q2’s top 3 gainers with a 35% increase.
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Q2 2024 definitely came with a lot of surprises. All the big coins went down while the underdogs took all the shine. This would shock many big-name investors, but TON holders and everyone at the TON company would be having the time of their lives.
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