Toncoin (TON) and Dogwifhat (WIF) are in the spotlight, having emerged as the best-performing altcoins since the start of the year ahead of other performing altcoins like Dogecoin (DOGE) and Shiba Inu (SHIB).
Toncoin And WIF Lead The Way
Data from CoinMarketCap shows that Toncoin and WIF are the best-performing altcoins in the top 50 cryptocurrencies by market cap, boasting a year-to-date (YTD) gain of 207% and 1668%, respectively. Although behind TON and WIF, other altcoins like DOGE and SHIB have also made significant strides, boasting a YTD gain of 84% and 128%, respectively.
Toncoin and WIF’s dominance in the market has been due to several factors. On Toincoin’s part, it has received significant backing from Telegram. The messaging platform recently integrated TON payments, exposing the crypto token to its user base of over 900 million persons. Telegram had also previously announced an ad-sharing revenue program, with payouts solely going to be made in Toncoin.
TON’s bullish momentum is also partly due to increased TON network activity. This has been thanks to notable projects like the telegram-based game Notcoin, which also plans to launch its token on the network on April 20. TON’s price surge since the start of the year saw it recently climb into the top 10 crypto tokens by market cap.
Meanwhile, WIF’s parabolic rise has mainly been thanks to its “rampant community,” which includes well-known crypto influencer Ansem. The meme coin has also benefitted from the hype around Solana, considering that it is the largest meme coin on the network at the moment. Therefore, every bullish development in the Solana ecosystem has positively impacted WIF’s price.
WIF has come a long way. Thanks to its parabolic price surge, it broke into the top 50 cryptos by market cap this year. The meme coin also flipped fellow Solana meme coin, BONK, on its way to becoming the third-largest meme coin by market cap, only behind DOGE and SHIB.
Meme And Artificial Intelligence Coins Make Their Mark
Meme and artificial intelligence (AI) coins were projected to be among the leading narratives of this bull season, and they have undoubtedly lived up to the hype.
This is evident in how Meme and AI coins in the top 50 cryptos have outperformed the flagship crypto, Bitcoin. For context, WIF and Fetch.ai (FET) are the best-performing meme and AI coins, respectively, and they have both outperformed Bitcoin, which has a YTD gain of 56%.
DOGE, SHIB, and PEPE, the only other meme coins in the top 50 spot, have also outperformed Bitcoin. Meanwhile, AI coins like Render (RNDR) and Bittensor (TAO) boast higher YTD gains than Bitcoin, with gains of 97% and 110% respectively.
TON price recovers to $7 | Source: TONUSDT on Tradingview.com
Featured image from Mudrex, chart from Tradingview.com
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Author: Scott Matherson
