The expansion of the Web3 sector and digital assets globally has led to substantial growth for The Open Network (TON). According to current data from CoinMarketCap, backed by Binance, TON’s Toncoin ranks ninth. With a fully diluted market capitalization of approximately $32 billion, the Toncoin network demonstrates considerable web3 development, reaching a total value locked of around $144 million.
In the upcoming months, the Toncoin ecosystem is expected to surpass other leading layer one (L1) blockchains, such as Solana (SOL), due to its favorable position. The Toncoin project enjoys the support of notable web3 investors like DWF Labs and benefits significantly from the large Telegram user base.
Toncoin Growth Rate on the Rise
Based on Justin Hyun’s statement as the investment director at TON Foundation, a economy using Toncoin is emerging via Telegram messaging app. As reported by Coinspeaker, Telegram’s creator Pavel Durov has repeatedly shown his backing for the Toncoin initiative, notwithstanding past regulatory challenges in the US.
Significantly, Telegram boasts almost 200 million daily active users (DAU) on Android platforms. Currently, Telegram enables its users to purchase premium features such as advertisements using TON coins. Hence, Hyun is optimistic that the Toncoin project will persist in expanding with the backing of the Telegram community.
“Hyun announced that Telegram’s new ad platform is now live, exclusively accepting Toncoin as payment rather than fiat currency, reflecting the values of Web3. Additionally, Telegram will return 50% of their advertising revenue to Telegram channel owners.”
Around the beginning of this month, the Toncoin network unveiled the Open League project, an extended undertaking designed to reward 30 million TON coins to dedicated network supporters. The Open League project is currently underway alongside the accelerator program, specifically intended to help web3 developers thrive within the Toncoin platform.
“Hyun emphasized that targeting developers capable of creating consumer apps that can attract large user bases is crucial for the future of cryptocurrency acceptance. TON stands out as the potential catalyst for widespread adoption of Web3 technologies, much like how the Apple Mac revolutionized personal computing and put a computer in every home. Instead of a computer in every household, we’re looking at crypto becoming an essential part of everyday life, carried in pockets.”
TON Price Action
The price of Toncoin (TON) has been climbing steadily since its bullish surge earlier in the year. This established altcoin has now joined the ranks of the top ten most valuable cryptocurrencies by surpassing Cardano (ADA).
In spite of the current crypto market downturn, TON has a good chance of surpassing Dogecoin‘s (DOGE) performance in the short term.
In simpler terms, the cost of TON may rise above $10 from a technical standpoint once it finishes correcting. But before that, it might go back and check the price support around $4.84, which is also where the 0.5 daily Fibonacci Retracement lies.
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2024-04-16 17:45