Why Altcoins Like Toncoin and Pepe Stumbled This Week
Many cryptocurrency observers were expecting this week to be hot like the summer weather for coins and tokens. After all, the man who might be our next vice president is a well-known crypto advocate (and one-time venture capitalist), and a new financial instrument linked to a leading coin made its debut.
But somehow the stars didn't align, and for the most part the altcoin market sagged. Both utility and meme cryptocurrencies alike fell over the period, according to data compiled by S&P Global Market Intelligence. Toncoin (CRYPTO: TON), for example, was down by almost 8% over the week, while Polkadot (CRYPTO: DOT) and Shiba Inu (CRYPTO: SHIB) didn't fare much better, with losses around the 7% mark. Pepe (CRYPTO: PEPE) fell by 6%.
That high-level cryptocurrency fan is, it nearly goes without saying, recently minted Republican vice presidential candidate J.D. Vance. News of his ascension to the lower half of that party's ticket got crypto-heads excited; if Vance and running mate Donald Trump win, the crypto industry could have quite a powerful advocate firmly ensconced in the White House for several crucial years.
Source Fool.com
