Following the announcement by Animoca Brands to the TON blockchain by purchasing more WAT, the WATCoin price surged by over 40%.
In the early New York session on Thursday, WATCoin (WAT), a utility coin for the Telegram Mini app WatBird, experienced a 40% increase in the past 24 hours and was trading at approximately $0.00025. The blockchain gaming company Animoca Brands provides a much-needed boost to the small-cap altcoin, which has a daily average traded volume of roughly $1 million and a fully diluted valuation of approximately $17 million.
For the past 24 days, the price of WAT has been in a downward spiral, with a decline of more than 85% since its inception. However, Animoca Brands disclosed early Thursday that it intends to acquire additional WAT tokens from the open market to support the project.
It is essential to mention that GAMEE, a subsidiary of Animoca Brands, developed the WatBird Telegram Mini app for WatCoin. The purchase of WAT tokens was consistent with Animoca Brands’ long-term objective of bolstering the TON ecosystem, as the company is a significant investor in Telegram-backed Toncoin.
Animoca Brands has reaffirmed its dedication to WatBird’s role in bolstering the broader TON ecosystem by purchasing the token.
The specifics of the WAT token purchase by Animoca Brands were not disclosed during the announcement.
What Makes WatBird and WATCoin Unique in the Toncoin Ecosystem?
Within the WatBird universe, the WAT token holders have a variety of applications. The higher the rank of a WatBird user on the top list, the more WAT tokens they possess. The attained WatBird level ultimately correlates with increased premium access, airdrops, and perks.
The WAT token serves as the utility token for the WatBird platform, allowing users to acquire restricted collectibles that facilitate their customization. As a result, WAT holders can enhance their status and still receive in-game benefits that are exclusively available to those at higher levels.
As a result, the WatBird platform has garnered an increasing number of users in recent years, with its X account approaching one million followers. WatBird’s Telegram account boasts more than 4.4 million subscribers.
The WatBird protocol has recently experienced exponential growth, with the support of reputable Web3 investors such as Binance Labs, TON Foundation, The SandBox (SAND), Mocaverse, and Animoca Brands.
The WatBird platform has distinguished itself from its competitors by fostering a vibrant online community involved in token staking and NFT mining.
A broader perspective
The Toncoin ecosystem has experienced exponential growth recently, facilitated by the vast user base of Telegram, which is approaching one billion. The Stablecoins market cap was approximately $868 million, and the Toncoin ecosystem had a total value of roughly $400 million.
As a result, TON has developed into a large-cap altcoin, with a fully diluted valuation of approximately $26 billion and a daily average traded volume exceeding $234 million.