Toncoin Touches New ATH as TON TVL Surges 77% in June
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2024-06-19 10:58
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Toncoin's (TON) price has surged due to increased development activity on The Open Network (TON) blockchain and integration with Telegram. The recent listing of the $NOT coin and the launch of various crypto games in the TON ecosystem have further boosted its popularity and adoption.

 

Quick Take

  • Development activity on the Ton blockchain, also known as The Open Network, has picked up since 2020 and its native token, Toncoin (TON), saw a major price spike in 2023. 

  • In May 2024, $TON’s price saw a remarkable price change after the $NOT coin listing. 

  • The major driving force of $TON is embedded in its integration with Telegram and its mission to empower the 900 million Telegram users and the TON developer community in tandem. 

Popular Crypto Games on The Open Network (TON) 

Ahead of the imminent launches of viral trending Telegram games like Hamster Kombat, Catizen, and Pixelverse, here are some of the most established crypto gaming projects on the TON blockchain: 

 

Notcoin

This is a no brainer. Notcoin is a clicker game where any player can simply click on the coin to accrue points. According to the official website of Notcoin, the game garnered 35 million users in 3 months. Notcoin reached a record high of $0.0126 in May 2024, marking its significant growth trajectory. 

 

In April, Notcoin transitioned from its mining phase to the NOT token, launching on The Open Network ($TON) in mid-May. This transition enabled players to convert their in-game Notcoin to the real-world NOT token, further enhancing its appeal.

 

Hamster Kombat 

Another clicker game set to launch soon on the TON chain. $HMSTR - the native token of the game has started its pre-market trading on popular platforms like KuCoin pre-market, ahead of its launch and airdrop in July 2024. The tap-to-earn game is quite intriguing as the interface of the clicker game has a hamster CEO bot. Besides its entertaining bot, the game also offers DeFi opportunities under its ‘Mine’ section. 

 

Players can earn daily rewards by simply clicking on the hamster, ahead of the Hamster coin airdrop. By accruing them, players can unlock the DeFi opportunities in the game. Besides the in-game features, users can redeem $HMSTR coins by integrating KuCoin into the game directly once the token launches. 

 

$HMSTR tokens are crucial for upgrading hamsters, which is essential for earning more coins and expanding the digital empire in the game. The tokens can be used to purchase special cards that unlock more coins per hour, allowing players to boost their earnings. The native token also unlocks new features and upgrades in the game via Daily Combo and Daily Cipher, such as increasing the energy limit and tapping productivity.

 

Read more: Hamster Kombat Airdrop: 100M Players Gear Up for TON Token Launch

 

JetTon Games

This is another gem on the Ton blockchain. The native token of the game $JETTON can be called the gaming marketplace on the network - from casino games to fantasy football, live games, and more. 

 

The platform has 5000 licensed games that are accessible on both Android and iOS. Players can enter these games via Telegram too. 

 

The platform's native cryptocurrency, $JETTON, is deeply integrated into the ecosystem. Players use $JETTON tokens for betting, participating in games, receiving rewards, and voting on platform governance issues. 

 

Future plans include token staking, farming, and monthly token burns to maintain the token's value and utility​. 

 

Read more: Top Telegram-Based Crypto Games to Watch

 

Snapshot of TON’s Performance 

TON/USD price | Source: TradingView

 

As of June 19, 2024, Toncoin (TON) is trading at approximately $7.18. The coin has experienced notable volatility over the past few weeks, with significant price swings reflecting broader market trends and specific developments within the TON ecosystem. As of today the price of TON is down by ~ 8.51%. 

 

TON closed at $7.138 and opened at $7.15 as of today. The current price and volume indicates a bullish signal as more buyers are buying the dip. The trajectory of TON is indicating mixed signals. 

 

TON’s current market cap is down by 4.93% and the price is also down by 5.29%. While the price and trading volume is volatile, the TVL of TON is increasing rapidly. According to DefilLama, the total value locked (TVL) of TON stands at $592.96 mn from yesterday’s TVL ~ $583.63 mn.

 

Source: DefiLlama

 

Currently, the 14-day RSI suggests a neutral sentiment of token holders. The sharp decline in price has led to slight sell pressure. 

 

TON’s price decline was followed by a correction in BTC that had a current effect on the crypto market early this week. Despite the fluctuating price and slight volatility, analysts have predicted that the price of TON could reach $10.

 

Delphi Digital, a crypto research firm observed that the active wallet addresses of TON have surpassed ETH’s active wallet address count for the very first time. This surge in active wallet addresses could be attributed to the large Telegram user base.

   

Key Support And Resistance Levels of $TON

The key resistance levels of Toncoin (TON) are as follows

 

  • R1: 7.149

  • R2: 7.462

  • R3: 7.929

The key support levels of TON are as follows

 

  • S1: 6.687 

  • S2: 5.907 

  • S3: 5.589

Toncoin Price Predictions by Analysts

  • In a recent social media post, the esteemed crypto and DeFi analyst known as "Crypto King" advised newcomers to consider exploring TON, praising its rapid and user-friendly blockchain infrastructure. Crypto King highlighted the credibility of TON’s development team, the same team behind Telegram, and expressed confidence that TON could see a significant price surge, potentially reaching up to $10 in the coming weeks.

  • Market expert Alex Clay echoed this sentiment, noting that despite the overall market downturn, TON has maintained its bullish trajectory and is set for double-digit gains. Clay predicts that TON is on a path to reach $10, with short-term targets of $10.5 and $11.6. He also pointed out the presence of a Daily Cup & Handle pattern, which further supports the optimistic forecast for TON.

  • According to Ali Martinez, crypto analyst at CryptoSlate suggested that TON could be gearing to break out by a 40% price surge. 

  • Shiven Moodley, an analyst at CryptoQuant, has observed that TON's 7-day volatility has consistently been higher than its 30-day volatility for the past two and a half years. This analysis is based on comparing TON's Adjusted Sharpe Ratio with its volatility.

The Adjusted Sharpe Ratio is a metric that evaluates an investment's excess return in relation to its risk, while also considering additional factors that may impact the risk-adjusted return. This approach offers a more detailed insight into an asset's performance.

 

Social Snapshot of Toncoin ($TON) 

The coin has caught everyone’s attention due to various reasons. The ease of trying ‘play to earn’ games integrated in the Telegram app is one of the many reasons for its exponential adoption. 

 

With a user base of around 900 million on Telegram, the adoption of the TON blockchain and Toncoin is quite obvious. What makes the chain more appealing is that it offers a great deal of features making it the obvious choice for investors. 

 

Ton blockchain has something for everyone. From games for users to a suite of developer tools for building dApps on TON and some interesting features under the dev pipeline. 

 

According to stats from Messari, the follower count on Toncoin’s X handle shot from 715.14k to 967.87k between June 6, 2024 and present day. The Telegram count has also experienced a phenomenal spike.  

 

 

Some crypto investors and analysts have stated that TON could be the next SOL. This viewpoint was also laid by X crypto influencer ‘ImNotTheWolf’. 

 

Future of Toncoin ($TON) Price 

The current price retraction is a minor setback for the token. Despite the price consolidation, some investors are buying the dip.

 

It is evident that the investor confidence in the TON coin comes from the phenomenal debut of the Notcoin that sparked interest and curiosity in the crypto investing communities. 

 

Besides the launch of NOT tokens, there are a few more events lined up on the TON chain. Hamster Kombat is set to go live with their token airdrop coming up in July 2024. Other popular Telegram mini-apps like TapSwap and Blum could potentially follow suit and onboard more web2 users into web3 via the TON network. 

 

Read More: What Is Notcoin (NOT)? The Emerging GameFi Star in the TON Ecosystem

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