TON Achieves New All-Time High, TVL Surpasses $600 Million
Recently, Toncoin, the native cryptocurrency of The Open Network (TON) blockchain, has seen remarkable growth and increased adoption. After trading between $1 and $2 for a significant period, TON’s price skyrocketed to an all-time high of $8.25 on June 15. This achievement comes alongside a surge in the Total Value Locked (TVL) on the TON blockchain, which has doubled from $300 million.
TON Blockchain’s TVL Hits Unprecedented $600 Million
Recent data from technical analyst Kyle Doops indicates that the TVL on the TON blockchain has soared to $608.65 million, doubling in value within just three weeks. This surge in TVL can be attributed to several factors:
- Integration with Telegram and its massive user base of over 900 million individuals.
- Increased adoption of protocols like DeDust, bemo, and Stakee leading to higher TVL.
Telegram has introduced a new advertising feature that enables users to promote their channels through ad placements, with payments and withdrawals facilitated using the TON blockchain. Pavel Durov, Telegram’s CEO, mentioned that users can now use Toncoins to purchase ad space, with revenue generated from ads shared with channel owners in Toncoin. This setup aims to create a positive cycle where content creators reinvest earnings into their channels for further growth and enhancements.
The TON network has also witnessed a surge in active wallets, with daily active wallets surpassing 388,000 and monthly active wallets exceeding 5.5 million. This growth in active wallets has outpaced major platforms like Coinbase’s Layer 2 (L2) BASE, establishing a new standard for growth and adoption in the crypto space.
Analyst Projects a 40% Potential Breakout for Toncoin
While TON has experienced a minor 1.2% decline in the last 24 hours, trading volume has increased by 22%, indicating strong investor interest in the token. Despite short-term corrections, TON has shown significant gains over different timeframes:
- 11% increase in the last seven days.
- 18% increase in the last fourteen days.
- 22% increase in the last thirty days.
Crypto analyst Ali Martinez has a positive outlook for the Toncoin price, suggesting a potential 40% breakout that could see the token reach $11. However, Martinez also pointed out that the TD Sequential indicator hints at a possible drop to $7.2 to accumulate liquidity before a bullish move. Key levels to watch in the short term include $7.78 as support and $8.17 as resistance.
Hot Take: Toncoin Continues to Rise Amidst Growing Ecosystem
The recent surge in Toncoin’s price, coupled with the increased TVL on the TON blockchain, showcases a positive trend for the cryptocurrency and its ecosystem. With new integrations, features, and growing adoption, Toncoin is poised for further growth and potentially higher price levels in the near future. Keep an eye on key indicators and developments within the TON network to stay informed about the latest trends and opportunities in the evolving crypto landscape.
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