Animoca Brands announced the additional purchase for WATCoin (WAT) is a direct support for the Toncoin (TON) ecosystem.
WATCoin (WAT), a utility coin for the Telegram Mini app WatBird, surged over 40 percent in the past 24 hours to trade about $0.00025 on Thursday, during the early New York session. The small-cap altcoin, with a fully diluted valuation of about $17 million and a daily average traded volume of around $1 million, received a much-needed boost from Animoca Brands, a blockchain gaming company.
Since its launch, WAT price has been trapped in a falling trend, having dropped over 85 percent in the past 24 days. However, Animoca Brands announced early on Thursday that it plans to acquire additional WAT tokens from the open market to support the project.
Worth noting that WatCoin’s WatBird Telegram Mini app was developed by Animoca Brands subsidiary GAMEE. With Animoca Brands being a major investor in Telegram-backed Toncoin, the purchase of WAT tokens was in line with its long-term goal to support the TON ecosystem.
“Through the token purchase, Animoca Brands reinforces its commitment to WatBird’s role in supporting the broader TON ecosystem,” the company noted.
The specifics of the WAT token purchase by Animoca Brands were not disclosed during the announcement.
Why WatBird and WATCoin Standout in the Toncoin Ecosystem
The WAT token holders have several use cases within the WatBird universe. On the top list, the more WAT tokens that a WatBird user holds, the higher the rank is achieved. Ultimately, the higher the WatBird level achieved reciprocates to higher perks, airdrops, and premium access.
As the utility token for the WatBird platform, users can use the WAT token to purchase limited collectibles to enable their customization. Consequently, WAT holders can elevate their status and still obtain in-game perks that are only available on higher levels.
One token. Unlimited potential! 🚀 $WAT fuels the entire WatBird Universe—a place where your status, strategy, and skills come together to unlock massive rewards. 🔥
Frens, $WAT is the key to everything:
1⃣ Status is Power – your $WAT balance defines your rank. Reach elite… pic.twitter.com/ZLEXMjDsJn
— WATCoin (@WatBird) October 17, 2024
Consequently, the WatBird platform has attracted more users in the recent past, with its X account close to nearly 1 million followers. The Telegram account for WatBird has over 4.4 million subscribers.
Backed by reputable Web3 investors, led by Binance Labs, TON Foundation, The SandBox (SAND), Mocaverse, and Animoca Brands, among others, WatBird protocol has managed to grow exponentially in the recent past.
With a vibrant online community engaged in NFT mining, and token staking, the WatBird platform has set itself apart from its competitors.
Bigger Picture
The Toncoin ecosystem has grown exponentially in the recent past fueled by the Telegram vast user group of close to 1 billion. As of this writing, the Toncoin ecosystem had a total value locked of about $400 million and a Stablecoins market cap of around $868 million.
Consequently, TON TON $1.49 24h volatility: 4.4% Market cap: $3.66 B Vol. 24h: $108.80 M has grown to a large-cap altcoin, with a fully diluted valuation of about $26 billion and a daily average traded volume of over $234 million.
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