Toncoin (TON), the native cryptocurrency for The Open Network blockchain backed by the Telegram social network, has experienced a significant uptick, rising approximately 14% in the past 24 hours to trade around $6.9 during the mid-London session on Friday. The Toncoin project has emerged as a top-tier layer one (L1) blockchain, boasting a total value locked (TVL) exceeding $259 million.
Notably, Toncoin has surpassed some established Web3 chains like Cardano (ADA), Tron (TRX), and Avalanche (AVAX) in terms of performance. At the time of writing, Toncoin’s fully diluted valuation stands at approximately $35 billion, with a daily average traded volume around $672 million.
Growth of Toncoin Supported by Telegram Platform
The Toncoin economy heavily relies on the Telegram social networking platform, which boasts nearly 200 million daily active users (DAU). This positioning within Telegram sets Toncoin up for rapid growth in the confirmed crypto bull market.
One notable example of Toncoin’s integration with Telegram is the community token Notcoin (NOT), which facilitates seamless onboarding of users to the web3 ecosystem through tap-to-earn mining. Binance recently announced that its users can farm NOT meme coins starting May 13 by staking BNB and FDUSD into separate pools. NOT will become the 54th project on the Binance Launchpool, with trading scheduled to commence on May 16, facilitated by Bitcoin, Tether USDT, BNB, and FDUSD.
This listing on Binance follows similar decisions by other major crypto exchanges like Bybit and OKX.
The Toncoin ecosystem comprises over 700 applications, including wallets and exchanges, aimed at facilitating easy crypto adoption. Since its inception, the Toncoin network has accumulated more than 17.9 million addresses, primarily driven by the Jetton wallet.
Toncoin offers passive income opportunities through staking, with approximately 549 million TON coins staked to date.
The Midterm Targets and Price Action of TON
Toncoin’s price has benefited significantly from the heightened speculation surrounding altcoins amid the ongoing crypto bull market. Last month, TON reached an all-time high (ATH) of approximately $7.63, following a successful breakout earlier in the year.
If TON’s bullish momentum persists in the coming weeks, it is likely to establish a new ATH soon. Despite Bitcoin and Ethereum lacking significant bullish momentum, TON has surged over 29% in the last week alone.
On the daily chart, TON’s price against the US dollar has rebounded at the 50 SMA and 50 RSI, indicating a strong possibility of bullish continuation. From a technical perspective, TON’s price could potentially reach the next liquidity range between $9.6 and $12.6. This range coincides with the 1.618 and 2.618 daily Fibonacci Retracement levels.
May 2024, Cryptoniteuae
