As a seasoned crypto investor with several years of experience under my belt, I’ve seen my fair share of altcoins come and go. But Toncoin (TON) has been a pleasant surprise in recent months. The surge in network activity and unique community engagement on The Open Network (TON) has resulted in two new all-time highs for TON in June alone.
The heightened activity on the Toncoin (TON) network has resulted in a significant price hike, propelling the altcoin to reach a new record-breaking high (ATH). Previously, the vibrant community involvement on The Open Network (TON) suggested a potential ATH, and bullish sentiments were validated earlier this week, making it a certainty.
Toncoin Soared To ATH Twice in June
During the first week of June, TON experienced a surge in momentum, overtaking Cardano (ADA) and becoming the ninth largest cryptocurrency by market capitalization with a valuation of approximately $16.3 billion. In comparison, Cardano’s market cap is valued at around $16.21 billion. Notably, TON has bucked market trends despite Bitcoin (BTC) experiencing a significant price drop to roughly $67,000.
Approximately hours ago, Toncoin’s price touched $7.78 again, which was its all-time high (ATH) value reached around June 5, 2024. This peak was influenced by several factors such as the prevailing market mood and heightened investor enthusiasm at that time.
Currently, Toncoin has reached a new peak price of $8.10 following a 7.40% surge in the last 24 hours based on CoinMarketCap’s latest data. With this all-time high, over 21,000 Ton wallets have now moved into positive territory.
Significant numbers of projects have utilized The Open Network as a foundation for their development in the pre-public stage. Two of the latest additions to this dynamic platform are Notcoin (NOT) and Hamster Kombat. As time goes on, it is anticipated that additional Telegram games and tokens such as Tapswap and Yescoin will join The Open Network (TON).
With Toncoin now in price discovery mode, its price could soar to $10 in the short to long term.
Toncoin Outperforms ETH’s Daily Transactions
Once uncovered, Telegram emerged as the go-to destination for crypto projects, drawing massive interest. The platform’s vast social network plays a significant role in driving heightened interaction. Developers and founders consistently leverage this community to introduce their blockchain ventures. Currently, Toncoin is the standout project reaping the rewards of this surge in demand.
Although Toncoin lags behind certain crypto protocols, it outperforms others when it comes to the number of daily transactions. Surprisingly, Toncoin’s transaction volume exceeds that of Ethereum as per the data disclosed by Unchained on X.
“Despite trailing behind Solana, TON‘s daily active address count has surpassed Ethereum’s in all but one day this month so far. It’s been suggested that TON might narrow the gap in market value with Solana.” (Unchained noted.)
Similar to Toncoin, its companion cryptocurrency Notcoin is thriving and analysts suspect that its seamless integration with Telegram’s massive user base might have significantly contributed to its current success. Last week alone, its daily transaction volumes surged by more than 185% to exceed $4.6 billion. In the present market scenario, NOT has experienced a growth of 19.75% and is currently being traded at $0.02076.
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2024-06-14 17:30