The Open Network’s native cryptocurrency, Toncoin, has recently been making waves in the cryptocurrency market, stretching its value far beyond previous expectations. After maintaining a consistent worth between $1 and $2 since its inception in 2022, Toncoin has hit an all-time high of $8.25 on the unforgettable day of June 15th.
In addition to this remarkable growth in value, the TON blockchain displayed a significant increase in its Total Value Locked (TVL). Merely three weeks saw the TVL double from $300 million to an unprecedented $608.65 million, as noted by technical analyst Kyle Doops.
Interestingly, this acceleration in value is attributed to TON’s strategic integration with Telegram, a consumer base comprising more than 900 million users. Protocols such as DeDust, bemo, and Stakee also deserve the credit with substantial pushes in their TVL, aiding the growth spurt of the TON ecosystem.
In an innovative move, Telegram launched a new advertising feature allowing users to promote their channels through tailored ad placements. According to Pavel Durov, Telegram CEO, the TON blockchain was specifically selected to facilitate quick and secure ad payments and withdrawals.
Now, users have the advantage of purchasing ad space with Toncoins. The income generated from these ads would, in turn, be distributed among channel owners in Toncoin as well. Durov believes that this strategy forms a “virtuous cycle,” empowering content creators to reinvest their earnings into channel promotion and enhancement.
Adding to the positive growth trend, daily active wallets in the TON network have recorded slightly over 388,000, and monthly active wallets have exceeded 5.5 million. The increase in active wallets surpasses even Coinbase’s Layer 2 (L2) BASE, setting a new benchmark for expansion and adoption in the dynamic world of cryptocurrency, as observed by crypto researcher Leon Waidmann.
Amid slight fluctuations and a minor dip of 1.2% in the last day, the trading volume of TON has grown by 22%, firmly indicating a robust investor interest in the token, as per CoinGecko data.
Bullish on the future of Toncoin, crypto analyst Ali Martinez projects a potential 40% breakout for TON, aiming for an impressive $11 price. Nonetheless, he warns of a possible dip to $7.2 to accumulate liquidity before such an upward movement. In this scenario, key support levels of $7.78 and resistance of $8.17 will be pivotal for the token.
In hindsight, the daily chart exhibits Toncoin’s consistent price ascension since February 2024. But as with all investment forecasts, these are merely projections, and the crypto market remains a volatile and unpredictable landscape. But no doubt, the growth of TON has certainly caught the attention of investors and industry stakeholders alike.
