Altcoin Bloodbath: Analysts Identify TON as a Promising Exception
Amid Drastic Altcoin Drops, Analyst Says This Coin Has Outperformed Ethereum
Certain sectors like meme coins, AI, and Real World Assets (RWAs) have shown resilience, yet major altcoins continue to lag. Despite Bitcoin nearing all-time highs and a resurgence in meme coins, retail interest in altcoins remains subdued.
Market Sentiment and Retail Engagement
Data shows that crypto YouTube views have drastically decreased compared to the previous bull run, indicating less retail engagement. The current cycle has been heavily driven by the Bitcoin ETF narrative, while broader market catalysts for altcoins have been lacking.
TON: The Surprising Outperformer
Altcoin Buzz analyst highlighted TON (The Open Network), associated with the popular messaging app Telegram, as a standout performer. According to on-chain data, TON’s daily active addresses have consistently outperformed Ethereum since early June. On June 3rd, TON’s daily unique addresses peaked at 568,830, significantly higher than Ethereum’s 351,000. Moreover, on May 17th, TON’s daily transaction count hit a year-to-date high of 9 million, compared to Ethereum’s 1.1 million on the same day.
RWAs and AI: Compelling Sectors
Analyst Miles Deutscher finds the Real World Assets (RWA) sector particularly compelling, advocating for a medium to long-term perspective (6-12 months or more) to navigate market volatility. He suggests accumulating ETH and other strong altcoins during low volatility periods. Deutscher specifically targets Mantra around $0.85, with a range high at $0.75, as promising.
Meme Coins and AI-Innovative Projects
Meme coins also form a crucial part of Deutscher’s strategy, despite their recent dips. Key coins like Pepe and Whiff, with support at $0.11 and $2.26 respectively, are targets for accumulation. Expectations remain high for their valuations during the current cycle.
Conclusion
As the cryptocurrency market navigates its latest turbulence, certain sectors and coins offer promising opportunities for investors with a strategic outlook. TON’s impressive performance, coupled with insights into RWAs and AI sectors, provide a nuanced perspective for navigating the altcoin market.
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