Toncoin Reaches New All-Time High (ATH) Amid TON Ecosystem Growth
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2024-06-18 11:22

Toncoin, the native cryptocurrency of The Open Network (TON) blockchain, is on a remarkable upward trajectory. After fluctuating between $1 and $2 since 2022, TON’s price surged to a record high of $8.25 on June 15. This meteoric rise underscores the robust growth and expanding adoption of the TON ecosystem.


Quick Take 

  • After a period of consolidation, Toncoin's price surged to an unprecedented $8.25, marking a significant milestone for the cryptocurrency.

  • The TVL in the TON blockchain has soared to $600 million, doubling its value in just three weeks and indicating growing investor confidence and adoption.

  • TON's integration with Telegram allows users to purchase ad space using Toncoins, creating a seamless and efficient payment system within the popular messaging platform.

  • The number of daily active wallets on the TON network has exceeded 388,000, reflecting the expanding user base and increasing engagement within the ecosystem.

  • Crypto analysts forecast a potential 40% breakout for Toncoin, suggesting that its price could reach $11, driven by strong market interest and bullish technical indicators.

The Open Network (TON) TVL Doubles to $600 Million

The Total Value Locked (TVL) on the TON blockchain has soared, doubling from $300 million to $608.65 million in just three weeks. Technical analyst Kyle Doops attributes this spike to TON's integration with Telegram. With over 900 million users, Telegram's vast user base significantly boosts TON’s reach and utility.


Protocols like DeDust, bemo, and Stakee have also seen substantial increases in their TVL, contributing to the overall growth of the TON ecosystem. The integration of TON for ad payments on Telegram is another critical development. Users can now purchase ad space with Toncoins, and channel owners receive revenue in TON, creating a "virtuous cycle" of reinvestment and growth.


Popular Telegram games like Hamster Kombat, Blum, and Catizen have also played a significant role in adding more wallets to the TON ecosystem, attracting a diverse range of users.


Explosive Growth in Active TON Wallets

The number of active wallets on the TON network is also on the rise. Daily active users increased by 300%, hitting an all-time high of 632,000, while monthly active wallets exceed 5.5 million. Crypto researcher Leon Waidmann notes that TON’s increase in active wallets outpaces even Coinbase’s Layer 2 (L2) BASE, highlighting TON’s rapid adoption.


This increase in user activity coincides with Tether’s launch on the TON network in April. Since then, USDT’s circulating quantity on TON has risen to $580 million, a 76% increase in just one month.


Strong Investor Interest

Despite a slight 1.2% decline over the past 24 hours, TON’s trading volume has increased by 22%, indicating strong investor interest. Over the past seven, fourteen, and thirty days, TON has recorded gains of 11%, 18%, and 22%, respectively, and is among the top 10 traded coins on KuCoin.


Crypto analyst Ali Martinez forecasts a potential 40% breakout for TON, targeting a price of $11. However, Martinez also warns of a possible dip to $7.2 to gather liquidity before an upside move. Key support levels include $7.78, which has prevented deeper retracements, and $8.17 as a significant resistance point.


Toncoin Breaks New ATH

TON/USDT price chart | Source: KuCoin 


On 13 June, TON tested and surpassed the $7.7 resistance level, setting a new ATH of $7.76. It continued its uptrend, briefly breaking above the $8 resistance level. After setting its new ATH, TON retraced below $8, hovering between $7.8 and $7.9 before rising to a second milestone in 24 hours. On Friday, 14 June, TON surged 5% to a new ATH of $8.15, representing a 9% increase from the previous day.


The crypto community has praised Toncoin’s performance, especially given the broader market slowdown. According to GeckoTerminal, TON is the only token among the top 10 cryptocurrencies by market capitalization showing a positive performance over the past week.


Is TON the New SOL?

Crypto analysts believe that TON’s recent performance could set the stage for a rally toward $10. The bullish sentiment has led several analysts, including Ali Martinez and Daan Crypto, to set their next target for TON above the $10 price range. Some community members even liken TON’s performance to Solana (SOL) in the previous cycle. Crypto trader ImNotTheWolf predicts that “TON will become the new SOL in terms of gains potential.”


Market watcher WiseAnalyse suggests that TON is “the only strong chart out there” due to its real-life use and adoption. Toncoin’s integration with Telegram and its 900 million user base has been a significant driver of its performance, allowing it to surpass Ethereum (ETH) in daily active addresses.


Toncoin Price Prediction

Toncoin’s impressive performance and robust ecosystem growth indicate a promising future. If TON manages to retest its $8.24 resistance, it could achieve a new ATH. Despite some indicators showing a potential short-term dip, the overall bullish trend suggests continued growth for TON.


In conclusion, Toncoin’s recent surge highlights its potential to become a significant player in the cryptocurrency market. Its integration with Telegram, increasing TVL, and rising user activity underscore its growing adoption and utility. As TON continues to break new records, it sets the stage for further growth and potential new milestones in the coming months.


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