As a seasoned crypto investor with a keen eye for emerging projects, I’ve been closely monitoring the meteoric rise of Toncoin (TON). With a background in blockchain technology and a deep understanding of the market dynamics, I can’t help but be impressed by this project’s rapid growth.
The price of Toncoin (TON), the native cryptocurrency for The Open Network blockchain supported by Telegram, surged by up to 14 percent over the past 24 hours, reaching approximately $6.9 during the mid-London trading session on Friday. The Toncoin project has now established itself as a leading tier one (L1) blockchain, boasting over $259 million in total value locked (TVL).
Impressively, the Toncoin project has surpassed the achievements of some established Web3 chains such as Cardano (ADA), Tron (TRX), and Avalanche (AVAX), to name a few. At present, Toncoin boasts a fully diluted market capitalization of approximately $35 billion and records an average daily trading volume of around $672 million.
Toncoin Growth Backed by the Telegram Platform
As a crypto investor, I’ve noticed that the Toncoin economy is deeply integrated with Telegram, a social networking platform boasting almost 200 million daily active users. Given the confirmed bull market, this ecosystem is primed for significant growth due to its strong connection to such a large and engaged user base.
The Telegram community token Notcoin (NOT) has gained significant traction and acceptance in the web3 world due to its simple tap-to-earn mining feature. Beginning on May 13, Binance exchange users can start earning NOT by staking BNB and FDUSD in separate pools.
As a crypto investor, I’m excited to hear that Notcoin is the latest project joining Binance Launchpool, making it the 54th project with trading commencing on May 16. For smooth transactions, Binance will support NOT token trading using Bitcoin, Tether USDT, BNB, and FDUSD as base currencies.
As a crypto market analyst, I have observed that Binance, like other leading cryptocurrency exchanges such as Bybit and OKX, has made comparable decisions regarding the listing of NOT tokens.
I’ve analyzed the Toncoin ecosystem, and it’s impressive. With over 700 applications available, this web3 platform is bustling with activity. Among these are user-friendly wallets and exchanges that make crypto adoption a breeze. Consequently, the Toncoin network has accumulated more than 17.9 million addresses since its inception, with a significant number coming from Jetton wallet users.
As a researcher, I’ve come across the Toncoin network, which provides an opportunity for passive income via a process called staking. Approximately 549 million TON coins have already been staked within this system.
TON Price Action and Midterm Targets
The price of Toncoin has significantly surged due to heightened interest in altcoins during the confirmed crypto market uptrend. Last month, Toncoin hit its record high (ATH) of approximately $7.63 after a strong bullish surge at the start of the year.
Should TON‘s bullish trend persist over the next few weeks, it is highly likely that the cryptocurrency will establish a new all-time high (ATH). Notably, TON has registered a significant surge of over 29% within the last week, outpacing Bitcoin and Ethereum‘s lackluster bullish performance.
Based on the technical analysis of the daily chart, if the TON price versus the US dollar bounces back at the 50 Simple Moving Average (SMA) and Relative Strength Index (RSI) levels, there’s a strong likelihood for further bullish gains. The potential targets for TON’s upward movement lie within the upcoming liquidity ranges, specifically between $9.6 and $12.6. These price levels align with the 1.618 and 2.618 daily Fibonacci Retracement levels.
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2024-05-10 13:39