Toncoin (TON) Hits $620 Million in TVL Despite Market Downturn

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As a seasoned crypto investor with a keen interest in blockchain technology and market trends, I’ve been closely monitoring the performance of various projects during this ongoing market winter. The Open Network (TON) is one that has caught my attention despite the bearish sentiment.

The Open Network (TON) stands out among other blockchains as it maintains user engagement during the current cryptocurrency market downturn, with Bitcoin‘s (BTC) price dipping to a one-month low of $64,000 on June 18.

On Monday, Telegram’s network, which is strongly linked to the social media messaging app, surpassed $600 million for the initial time, marking a substantial increase of more than 130% within the past four weeks.

Toncoin (TON) Performance

Over the last day, the protocol has registered over $24 million in trading activity, while its market capitalization now stands above $17 billion.

Back in 2019, Telegram introduced TON as a new decentralized network. However, due to regulatory issues, it underwent a transformation into its current form. The responsibility for the protocol’s development now lies with the TON Foundation, which oversees its advancement.

Reaching a new milestone, Open Network has surpassed $620 million in total value locked (TVL). Its future goal lies at achieving a TVL of $1 billion.

As a network analyst, I’ve noticed an intriguing development: Toncoin (TON), the native token that fuels all transactions within our ecosystem, has surprisingly shown robust growth in the past few days, bucking the overall bearish market trends.

At its current valuation of approximately $7.18 on CoinMarketCap, TON has experienced a noteworthy growth of 5.55% over the past 24 hours. In comparison, Bitcoin and Ethereum have only registered modest gains of 0.86% and 1.40%, respectively, during the same period.

Based on individual data from CoinGecko, the price of TON hit a peak of $8.25 for the initial time since its debut on June 15th.

Impressive On-Chain Metrics

Experts at CryptoQuant noted that the on-chain indicators for this token have been increasing. This token, which was priced around $0.51 in September 2021, has emerged as the top-performing altcoin linked to a layer-1 blockchain in the year 2024.

As a crypto investor, I’ve witnessed an astonishing price surge of over 220% for TON since the beginning of the year. This is significantly more than what some major cryptocurrencies like Ethereum, Binance Coin, and Solana have managed to achieve. Ethereum has seen a decent growth of around 55%, Binance Coin about 80%, and Solana just 40% during the same period.

During this timeframe, the transfer value of this token has skyrocketed, reaching between $5 billion and $10 billion. This exceeds the volume of Bitcoin itself.

As a crypto investor, I’ve noticed an intriguing trend in the TON blockchain. According to recent analyses, the number of on-chain token holders has surged dramatically within the past year. To be specific, there are now approximately 32 million wallet addresses that hold this digital asset, representing a staggering tenfold increase from the 2.9 million recorded only last year.

The Open Network has seen a significant increase in the total stablecoin holdings, exceeding $449 million as of Thursday, according to DefiLlama’s latest data. This amount includes the amounts held by token holders.

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2024-06-20 14:54