- Toncoin, the native cryptocurrency of The Open Network (TON) blockchain, has recently experienced a significant surge in value and growth within its ecosystem.
- The price of TON surged to a record high of $8.25 on June 15, following a prolonged period of consolidation between $1 and $2 since 2022.
- This price surge has been accompanied by a doubling of the Total Value Locked (TVL) in the TON blockchain, now reaching $600 million.
Discover the remarkable rise of Toncoin, as it hits record highs and significantly improves its ecosystem. Learn how TON’s integration with Telegram and other factors contribute to its success.
TON Blockchain’s TVL Reaches $600 Million Milestone
In a remarkable development, the Total Value Locked (TVL) in the TON blockchain has surged to an impressive $608.65 million, doubling its value within a mere three-week period. This significant growth has been largely attributed to the blockchain’s strategic integration with Telegram, which boasts a substantial user base of over 900 million individuals.
Further fueling this growth, protocols like DeDust, bemo, and Stakee have shown substantial increases in their TVL, bolstering the broader TON ecosystem.
Telegram Boosts Toncoin Adoption Through Ads
A noteworthy enhancement in the TON ecosystem was introduced when Telegram rolled out a new advertising feature allowing users to promote their channels. This feature facilitates seamless and secure ad payments using Toncoin. Telegram’s CEO, Pavel Durov, spearheaded this initiative, underscoring its importance by allowing channel owners to receive ad revenues in Toncoin. This initiative is anticipated to create a ‘virtuous cycle,’ encouraging content creators to reinvest their earnings into channel development.
Surge in Active Wallets on the TON Network
The number of daily active wallets on the TON network has soared to over 388,000, with monthly active wallets surpassing 5.5 million. According to crypto researcher Leon Waidmann, this surge in active wallets elevates TON’s stature, overshadowing even Coinbase’s Layer 2 (L2) BASE in terms of growth and adoption metrics.
Analyst Predicts Potential 40% Upside for Toncoin
Despite a minor decline of 1.2% over the last 24 hours, Toncoin’s trading volume has seen a 22% uptick, indicating heightened investor interest. Short-term corrections notwithstanding, Toncoin has recorded gains of 11%, 18%, and 22% over the past 7, 14, and 30 days, respectively, which suggests a bullish sentiment among investors.
Forecasting Toncoin’s Next Move
Crypto analyst Ali Martinez is optimistic about Toncoin’s future, forecasting a potential 40% breakout that could bring its price to $11. However, he cautions that the TD Sequential indicator shows a possible dip to $7.2 for liquidity accumulation before another upward move. Key support levels to watch include $7.78, which has served as a floor preventing further declines, and the $8.17 resistance level.
Conclusion
The impressive performance of Toncoin underlines its potential as a formidable player in the blockchain and cryptocurrency space. The integration with Telegram, alongside growing TVL and active wallet statistics, positions TON favorably for future advancements. Investors and stakeholders should keep an eye on upcoming developments and potential price movements, as market dynamics continue to evolve.
