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Crypto investors are rubbing their hands together as Tuesday shapes up to be a green day for the market.
A handful of coins are leading the charge with impressive gains, including Toncoin (TON), Neo (NEO), and an exciting new meme coin project called Dogecoin20 (DOGE20).
Toncoin Hits New ATH as Buying Frenzy Intensifies
Toncoin is ripping higher today, up 21% over the past 24 hours to trade at $6.90.
The rally has been sensational, with TON hitting a new all-time high of $6.98 just a few hours ago.
As investors continue piling in, spot trading volumes have also exploded 450% to $818 million.
Toncoin’s market cap has even ballooned to nearly $24 billion, cementing its place as the ninth largest crypto in the world.
But what’s fueling this incredible run?
It seems to be the combination of several fundamental developments that have Toncoin’s narrative heating up.
Last month, Telegram founder Pavel Durov revealed plans to launch a new monetization system for channel owners powered by Toncoin.
He also disclosed that the messaging juggernaut scored a massive $30 billion valuation ahead of a potential IPO.
On top of that, crypto exchange Binance announced the launch of a perpetual futures contract for trading TON.
Taken together, these three catalysts have injected Toncoin with a massive dose of speculative mania.
Neo’s 30% Pump Has Traders Scratching Their Heads
Neo, which has surged over 30% higher today, is also benefiting from the crypto market optimism.
NEO’s price has rocketed to $21.68, a level not seen since April 2022.
The frenzy to accumulate NEO has seemingly come out of nowhere.
Since yesterday, trading volumes have exploded, up over 3,100% to $1 billion.
That massive spike has pushed NEO into being the 14th most traded cryptocurrency by volume worldwide.
What’s more surprising is that there doesn’t seem to be a clear fundamental driver behind this eye-catching pump.
There has been no major Neo announcement or partnership, meaning the token’s vertical price action appears to be almost purely technical.
It seems the breakout was catalyzed by NEO breaking past resistance at $18 following a clear bull flag pattern on the daily chart.
From there, buy orders came piling in, forcing NEO’s price higher.
With the token’s volume-market cap ratio spiking to 71%, it’s clear that plenty of fresh capital has begun rotating into NEO.
Dogecoin20 Benefits from Meme Coin Hype Ahead of Doge Day Listing
But the crypto making arguably the biggest waves today is Dogecoin20 – a new meme coin that’s caught the attention of retail investors worldwide.
Dogecoin20’s premise is simple: It’s aiming to be a “Doge upgrade” by adding real-world utility.
This utility comes in the form of staking rewards for DOGE20 holders, currently set at 50% per year.
A staggering 55.4 billion DOGE20 tokens, over a third of the total supply, are already locked in staking contracts.
DOGE20’s supply will be fixed at 140 billion tokens, with allocations for presale buyers, marketing, the treasury, staking rewards, and DEX liquidity.
This latter allocation could prove crucial since the developers have a Uniswap listing planned for April 20.
On this date, which just so happens to be “Doge Day,” DOGE20 will hit the open market for the first time.
Members of Dogecoin20’s Telegram community are eagerly awaiting this listing, which could prove to be an explosive catalyst.
However, it’s not just early investors that are buzzing about DOGE20.
YouTube personalities like ClayBro have also got involved, believing that the token’s Uniswap launch will take it “to the next level.”
Between the DEX listing, aggressive marketing budget, and juicy staking rewards, Dogecoin20 is shaping up to potentially be crypto’s next viral sensation.
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