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Crypto markets are experiencing a new wave of excitement. The most pro-crypto administration in US politics is making big moves. Doge is once again in the news, this time thanks to its long-standing backer Elon Musk.
At the same time, TON is taking steps to conquer the US market. Moreover, one of its ecosystem tokens, Elluminex promises to supercharge the network.
Dogecoin (DOGE) has seen significant positive momentum recently. Following Donald Trump’s election win, the token reached its multi-month high of $0.46. Moreover, recent events suggest that the token will go even higher.
The main catalyst for Dogecoin’s growth was once again, Elon Musk. The billionaire CEO is now heading a new government agency D.O.G.E. The new department will be in charge of making government services more efficient.
With Musk in the news, traders expect Dogecoin to benefit from the publicity. So far, this has been true, as Musk revealed plans to use blockchain technology to track expenses and make the government more efficient.
The intersection of Musk’s plans and blockchain has been bullish for Doge. Notably, some have even speculated that Musk may use Dogecoin’s blockchain network for the agency. This would be bullish for the token, creating demand for the currency.
Still, there’s no guarantee that Musk would implement these plans. The billionaire teased ideas about using blockchain tech for Twitter (now X) in 2022. Ultimately, he ultimately decided against the idea. For that reason, some are skeptical about the latest bold announcement.
Telegram’s TON blockchain has seen strong growth recently. Still, the TON token was not the best performer during the latest market cycle. The token went from $4.6 before November, to a high of $7. Still, after the initial rise, TON has stabilized at $5.
What is more, TON’s total value locked also peaked in July, when it reached nearly $800 million. At the time, TON’s TVL was up 800% from its average 2023 levels. Since then, however, TON’s TVL dropped below $300 million.
There are several reasons for this drop in valuation. For one, near its all-time high, TON has seen a peak in the popularity of clicker apps. Apps like Notcoin and Hamster Kombar offered an easy way for users to earn crypto. However, their economics were largely unsustainable, and many just lost interest.
At the same time, TON faced a liquidity crisis. Despite its large TVL, TON’s DeFi ecosystem is relatively small. This is a major issue, as a lack of liquidity causes wild price swings and hurts investor confidence. However, a new project, Elluminex (ELX), aims to fix these issues.
Elluminex is the first DeFi Hub built exclusively on TON. This platform will focus on cross-chain interoperability, connecting TON to major blockchains. Notably, its network of cross-chain bridges will help TON draw liquidity from 40 major blockchains.
Thanks to connecting TON to other liquidity sources, Elluminex hopes to fix the issues the network faces. Higher liquidity will also help reduce slippage, enabling traders to make more profitable trades. At the same time, it has a range of features that will help bring in new traders. This includes the AI portfolio tracker, which gives traders real-time insights.
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