As an analyst with a decade of experience in the crypto market, I find myself intrigued by the recent developments surrounding Toncoin (TON). Given my past observations and the lessons learned from various market cycles, I am cautiously optimistic about TON’s potential price rebound.
Following a general decline in the crypto market, Toncoin (TON) appears to be signaling a potential price increase. On Wednesday, the coin associated with Telegram dipped to an important support level of $5, around the same time when Bitcoin was at risk of dropping below $60,000. However, on-chain data indicates that the Toncoin blockchain might be shifting towards renewed growth. If this trend continues, TON could potentially weather the ongoing selloffs and set the stage for a solid price rebound in the future.
Toncoin Stablecoin Supply Hit $760 Million
Based on information from Artemis, there’s been a significant increase in the amount of stablecoins on the TON network over the past few months. This supply has multiplied by 13 times since April 2024 and an additional 25% following the arrest of Telegram founder Pavel Durov by French regulators.
1) Having around $760 million in stablecoin circulation suggests a thriving ecosystem.
As a researcher, I am confidently predicting an increase in the demand for TON due to its potential as a staking and transaction fee token. Consequently, this could lead to price escalations, propelling the TON coin towards a fresh All-Time High (ATH). The immense supply is attributed to Telegram’s colossal user base of approximately 900 million individuals. Furthermore, the introduction of popular Play-to-Earn (P2E) games such as Hamster Kombat and Catizen has significantly boosted trading volumes.
Beyond just its stablecoin holdings, the Toncoin system has also seen an uptick in Total Value Locked (TVL). According to information from DeFiLlama, this figure surged by approximately 28% over the past month, climbing from $317.2 million to a current level of $408 million in October. It appears that more traders are securing their TON tokens and interacting with Decentralized Finance (DeFi) platforms.
There are some skeptical perspectives regarding TON‘s current state. Analyst Nick Garcia from Messari has pointed out similarities between Toncoin and FTX, the Bahamas-based cryptocurrency exchange, which collapsed drastically about two years ago as a result of legal troubles.
Toncoin Ecosystem Sees Positive Momentum
Currently, the Toncoin ecosystem continues to thrive. At present, TON is being traded at $5.06, representing a decrease of 2.75% over the last 24 hours. Interestingly, the trading volume has increased by 9.03%, amounting to $193 million in the same period.
Pavel Durov has unveiled plans for additional functionalities, enabling users to give gifts to their peers. These advancements could potentially pave the way for the introduction of Toncoin-based Non-Fungible Tokens (NFTs) on the platform by the end of this year.
In the coming months, we’ll enable users to transform their exclusive presents into Non-Fungible Tokens (NFTs) based on TON. This will allow them to auction and trade these digital gifts on platforms other than Telegram. The ownership of these tokenized items will be securely documented on the blockchain,” Durov explained.
Approximately a month back, TON Scan data revealed that the network handled over one billion transactional activities. This figure indicates an increase in user interaction with the network.
Read More
Sorry. No data so far.
2024-10-10 14:54