Toncoin is poised for a potential 20% increase in the upcoming weeks, mirroring a bullish fractal pattern previously observed in February 2024.
Toncoin (TON) Hits New Yearly Peaks, Surging 60% On Buzz Surrounding Potential Telegram IPO
Toncoin (TON) has experienced a notable uptrend in recent weeks, driven by significant news and announcements surrounding the popular social media platform Telegram, the latest being a potential initial public offering (IPO).
Telegram User Base Surpasses 900 Million
According to his latest appearance, aside from his constant announcements through his channel on the social media platform, Pavel Durov, the CEO of Telegram, shared that the messaging app has amassed over 900 million users, up from 500 million in 2021, and is steadily approaching profitability.
In an interview with the Financial Times, Durov revealed that Telegram’s introduction of advertising and premium subscription services two years ago has enabled the company to generate “hundreds of millions of dollars” in revenues. With yearly expenses at less than 70 cents per monthly user, Telegram’s financial growth is gaining momentum.
Telegram is implementing various strategies as part of its ongoing efforts to generate revenue. As reported by NewsBTC, the company is planning to introduce revenue sharing with channel creators, offering them a 50% share of the marketing budget.
Additionally, Telegram is launching business accounts and a “social discovery” feature, which will reportedly facilitate user interaction and help connect individuals nearby. These initiatives aim to diversify Telegram’s revenue streams and provide additional value to its user base.
Potential Valuation Exceeds $30 Billion
Telegram has reportedly garnered significant interest from potential investors, with offers exceeding $30 billion in valuation. However, during the interview with the Financial Times, Durov emphasized that the company’s priority is to remain independent, and an IPO would serve as a means to “democratize” access to Telegram’s value. Durov stated:
The main reason why we started to monetize is because we wanted to remain independent. Generally speaking, we see value in [an IPO] as a means to democratize access to Telegram’s value.
While Durov did not provide a specific timeline or venue for the potential IPO, two people familiar with the matter told the Financial Times that Telegram may pursue a US listing once profitability is achieved and market conditions are favorable.
Notably, the messaging app platform has already raised approximately $2 billion in debt financing through bond offerings, providing flexibility for future financial decisions.
In the event of an IPO, Telegram is considering selling an allocation of stock to loyal users, similar to Reddit’s recent announcement. This approach aims to involve the community and foster a sense of ownership.
Furthermore, Telegram is exploring the possibility of a smaller equity raise to fuel its artificial intelligence (AI) ambitions, including introducing an AI-powered chatbot. The company also plans to enhance its moderation processes and deploy AI-related mechanisms to address potential issues, particularly during global elections.
TON Climbs The Ranks
With Telegram’s endorsement and integration of TON into the app’s user interface and introducing a new ad revenue-sharing system, Toncoin has surged 97% in the past month, marking new yearly highs for the token.
In addition, Telegram’s potential initial public offering has further bolstered Toncoin’s upward trajectory, with a 20% spike in the past 24 hours, resulting in a current trading price of $4.40.
On top of that, TON has climbed into the top 13 largest cryptocurrencies on the market with a capitalization of $15 billion, surpassing other major coins such as Polkadot (DOT), Polygon (MATIC) and Chainlink (LINK).
Featured image from Shutterstock, chart from TradingView.com
Telegram CEO Responds To Concerns, Offers Solution To Restrict Company’s TON Stake To 10%
The popular messaging platform Telegram has revealed its plans to sell its surplus holdings of The Open Network (TON) tokens at below-market prices. This move comes after concerns were raised about the potential centralization of TON supply due to ad payments being exclusively accepted in TON tokens.
Telegram Addresses Concentration Concerns
As NewsBTC reported on February 28, starting in March, channel owners will have the opportunity to receive financial compensation for their content. All transactions, including payments and withdrawals, will be handled on the TON blockchain.
Telegram’s advertising platform will be available to advertisers in nearly one hundred new countries. With this expansion, channel owners will receive 50% of the revenue generated from ads displayed on their channels.
In response to concerns about the concentration of TON tokens with this new feature, Telegram CEO Pavel Durov announced plans to sell the company’s surplus holdings.
With ad payments in TON tokens potentially accounting for more than 10% of the TON supply at Telegram, Durov acknowledged the need for a solution to avoid centralization.
Telegram aims to limit its share of TON by selling the surplus holdings to long-term investors, ensuring a “healthier distribution” and a decentralized ecosystem. The tokens sold will be subject to a lockup and vesting plan ranging from 1 to 4 years.
To ensure a streamlined process for selling TON tokens, Telegram has set up a dedicated email address where interested large investors (with investments of $1 million or more) can express their interest, aiming to maintain stability and decentralization within the TON ecosystem.
TON Ecosystem Thrives
Despite the growing concerns, the TON ecosystem is showing encouraging signs of growth, as evidenced by recent data provided by Token Terminal. Market capitalization, trading volume, fees, and revenue have all increased significantly over the past 30 days. Additionally, active users have consistently grown daily, weekly, and monthly.
Over the past 30 days, the fully diluted market capitalization of the TON ecosystem has reached $13.83 billion, marking a significant 31.0% increase. Moreover, the token’s trading volume has seen a modest but steady 1.4% rise, reaching $1.21 billion.
Fees generated within the ecosystem have also experienced substantial growth, with an 80.9% increase over the past 30 days, totaling $860,490. The annualized fees have also surged, reaching $10.47 million, reflecting a 45.3% growth rate.
Furthermore, revenue generated within the ecosystem has followed a similar trajectory, with a significant 80.9% increase over the past month, amounting to $430,250. The annualized revenue stands at $5.23 million, indicating a promising revenue stream for the ecosystem.
Last but not least, the TON ecosystem has seen consistent growth in its user base over different periods. Daily active users have increased by 1.5%, reaching 33.66k, while weekly active users have experienced a growth rate of 19.6%, reaching 178.62k. Monthly active users also showed a positive trend, with a growth rate of 10.3%, reaching 412.39k.
TON is trading at $2,735, up 3% over the past 24 hours and extending its 34% rise over the past 30 days.
Featured image from Shutterstock, chart from TradingView.com
TON Skyrockets 25% As Telegram Unveils New Revenue Sharing Feature, Crossing $3 Mark
In a notable development for the cryptocurrency world, Telegram, the popular social media platform, has introduced an ad revenue-sharing system for channel owners on its native blockchain TON. This move has resulted in a significant 25% price spike for TON, surpassing the $3,016 mark.
Previously known as Gram, TON is the native cryptocurrency of The Open Network (TON), a decentralized Layer 1 (L1) protocol. With the introduction of this new feature, Telegram aims to create a mutually beneficial ecosystem where channel owners can be financially rewarded for their efforts.
Telegram Introduces TON For Channel Monetization
According to Pavel Durov, CEO of Telegram, channel owners on the platform will be able to receive financial compensation starting next month. This announcement has generated considerable excitement among content creators eagerly awaiting an opportunity to monetize their channels.
With a significant one trillion monthly views generated by broadcast channels on Telegram, the potential for revenue generation is immense, Durov believes. However, only 10% of these views are monetized using Telegram Ads, a privacy-focused promotion tool.
Telegram’s ad platform will be available to advertisers in nearly one hundred new countries in March. This expansion will allow channel owners in these countries to receive 50% of the revenue generated from ads displayed on their channels, incentivizing content creators and driving the growth of Telegram’s ad ecosystem. Telegram CEO Durov further noted:
To ensure ad payments and withdrawals are fast and secure, we will exclusively use the TON blockchain. Similar to our approach with Telegram usernames on Fragment, we will sell ads and share revenue with channel owners in Toncoin. This will create a virtuous circle, in which content creators will be able to either cash out their Toncoins — or reinvest them in promoting and upgrading their channels
As announced, all transactions, including payments and withdrawals, will be settled on the TON blockchain, built by the same company that created Telegram, which reported 800 million monthly users as of July 2023.
TON Bullish Momentum Points Towards Potential New ATH
When the announcement was made in the early hours of Wednesday morning, TON experienced a significant spike, sending its price as high as $3.172. This level had not been seen since November 2023, when the token hit its all-time high (ATH) of $3.215.
The current bullish sentiment surrounding TON, coupled with the potential for wider adoption and use, suggests the possibility of a new ATH shortly. This is further supported by the overall market entering an aggressive bullish phase.
Despite the volatility exhibited by TON, as seen on the weekly TON/USD chart, there are no significant resistance levels ahead. Therefore, the outcome of a potential new ATH depends on the ability to sustain the current bullish trend.
Featured image from Shutterstock, chart from TradingView.com
Toncoin (TON) price skyrockets to 11-month high after Telegram launches ‘Giveaways’
TON’s price risks a correction in the short term as it nears a confluence of historically strong resistance zones.
Toncoin Shatters Bearish Predictions With 40% Rally – What’s The Story?
Toncoin (TON), in a surprising turn of events amidst a bearish market, has witnessed an extraordinary surge in its price value over the last seven days. Market indicators and metrics have overwhelmingly favored TON, painting a bullish picture for the cryptocurrency.
This unexpected rally was ignited by the breaking news of a partnership involving the renowned messaging app Telegram, further solidifying TON’s position as a preferred blockchain for Web3 infrastructure.
Endorsement Of Toncoin Fuels Bullish Momentum
The catalyst behind TON’s remarkable surge was the official endorsement of the TON network by Telegram. This strategic partnership has positioned TON as the go-to blockchain solution for Telegram’s Web3 infrastructure.
What’s particularly exciting is the seamless integration of Telegram’s user interface with the TON network, promising a synergy that could reshape the landscape of decentralized applications (DApps) and decentralized finance (DeFi).
Toncoin’s price action immediately reflected the positive sentiment following the Telegram partnership announcement. In a market where leading cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) had been struggling, TON stood out with a remarkable seven-day surge of 38.9%, showcasing its resilience and growth potential.
As of the latest data from CoinGecko, TON is currently valued at $2.34, demonstrating a robust performance even amidst a brief 2.6% decline over the past 24 hours. Coinglass reported a notable increase in TON’s open interest during this price uptick, suggesting that the bullish momentum may persist in the days to come.
Price analysis reports an uptick in TON’s open interest, signaling that the current bullish trend might persist in the coming days. Additionally, the cryptocurrency’s daily active addresses have surged significantly, suggesting increased user engagement and network activity.
LunarCrush’s data adds another layer of optimism to the mix, as it highlights a substantial increase in TON’s trading volume – a classic bull signal.
Navigating High Volatile Zone
As investors and traders keep a close eye on Toncoin’s meteoric rise, the Bollinger Bands indicate that TON’s price is firmly situated within a highly volatile zone. This volatility adds an element of excitement and potential opportunity for those looking to ride the wave of continued northbound price movement.
Toncoin’s recent surge stands as a testament to the power of strategic partnerships and the growing influence of Web3. With Telegram’s official endorsement, TON has not only garnered increased attention but also gained credibility as a blockchain infrastructure provider.
Investors and enthusiasts alike will undoubtedly be watching closely to see if this bullish momentum is here to stay.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
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TON Jumps By Nearly 8% Following Wallet Integration On Telegram
Telegram Messenger has unveiled a self-custodial crypto wallet for its more than 800 million active users worldwide. This move comes almost three years after the popular messaging platform initially revealed its plans to delve into the Web3 space.
The crypto wallet is built on The Open Network (TON) and will be accessible via settings on Telegram’s messaging app. On the back of this announcement, the price of Toncoin (TON’s native token) surged by almost 8%.
Telegram Finally Integrates Crypto Wallet On Messaging Platform
On Wednesday, September 13, The Open Network announced the partnership with Telegram at the Token2049 event in Singapore. This collaboration will provide the messaging platform’s 800 million users access to a self-custodial crypto wallet.
As part of the integration, projects built on the TON blockchain will receive priority access to Telegram Ads, the app’s advertising platform. This was confirmed via an X (formerly Twitter) post by Anthony Tsivarev, Director of Developer Relations at TON.
John Hyman, Telegram’s Chief Investment Officer, commented on this development:
Telegram’s mission has always been to enable freedom of speech, but speech is so much more in this digital age. We believe users have the right to own their identities and assets. With TON Space, users now have the technology to make that convenient. With this announcement, we are putting digital ownership rights in the hands of our entire user base. While also giving TON projects the tools to reach our audience in the largest Web3/Web2 integration there has ever been.
Telegram initiated plans to build a Web3 ecosystem as far back as 2019. Unfortunately, the messaging platform had to cool off its initiative with The Open Network in 2020 due to a lawsuit from the United States Securities and Exchange Commission (SEC).
In 2019, the SEC filed a lawsuit against Telegram for raising $1.7 billion through the initial coin offering (ICO) of a token (called Grams), which the regulatory body deemed as an unregistered security. The messaging platform resolved this issue by paying an $18.5 million fine and returning unused investor funds.
TON Maintains Positive Momentum – Price Overview
In the wake of this announcement, Toncoin registered a nearly 8% price spike. The cryptocurrency currently sits as one of the top gainers in the market today, with a substantial 13% price increase in the last 24 hours.
Interestingly, this latest price movement only underscores the token’s market performance in recent weeks. According to data from CoinGecko, the price of TON has soared by more than 36% in the past month.
This positive performance is even more impressive, considering the sluggish condition of the cryptocurrency market in the past few weeks. Most top altcoins, including ETH, XRP, and SOL, have been struggling due to the current market sentiment.
While the TON token is currently valued at $1.94, seeing if this latest burst of positivity can drive the cryptocurrency above $2 would be interesting.
Nevertheless, Toncoin ranks as the 12th-largest cryptocurrency, with a market cap of roughly $6.68 billion.
Surging Toncoin Price And Telegram Bot Tokens – What’s The Connection?
Toncoin (TON) has taken the crypto market by storm, but its meteoric rise has also cast a spotlight on Telegram-bot tokens, drawing attention to the historical affiliation between TON Network and the instant messaging giant, Telegram.
Crypto enthusiasts have long regarded Telegram as a pioneer in exploring blockchain technology. Toncoin’s genesis lies in the “Telegram Open Network” (TON) project which, after facing legal hurdles, rebranded as “The Open Network” in 2020.
In recent months, TON has witnessed a surge in investor interest, evident from on-chain data and Santiment’s TON Social Dominance chart, which recorded a significant spike in June 2023.
This heightened attention has played a pivotal role in propelling TON’s price upwards, with its current value at $1.89, as reported by CoinGecko. Notably, TON has gained 1.8% in the last 24 hours and an impressive 28.9% over the past seven days.
Telegram-Affiliated Tokens Outshine The Crypto Market
While the global crypto market cap has seen a contraction of nearly 10% since August 1, Telegram-affiliated tokens have defied the trend, delivering consistent double-digit gains during the same period. This intriguing correlation hints at the emergence of yet another thriving sector within the crypto market.
What adds to the intrigue is the fact that these bot tokens have yet to find their way onto mainstream exchanges. As a result, the fear of missing out (FOMO) could intensify among strategic investors eager to capitalize on potential gains once these tokens hit the exchange listings.
Toncoin Breakout Signals Market Shift
September 1 marked a significant turning point for Toncoin, as its price broke free from the resistance trendline that had held it in a downtrend for over eight months. This breakout signifies a change in market dynamics, where participants may transition from selling on rallies sentiment to buying on dips.
The road ahead for TON appears promising, with price targets set at $2, $2.37, and $2.64. These milestones represent the evolving landscape of Telegram-affiliated tokens and the growing influence of the TON Network within the crypto ecosystem.
In the midst of Toncoin’s solid ascent, Telegram-bot tokens have come into focus, rekindling interest in the TON Network’s close ties with Telegram. This newfound attention has triggered a significant surge in TON’s value, while the broader crypto market grapples with fluctuations.
As these tokens await mainstream exchange listings, strategic investors eagerly eye potential gains in this burgeoning sector, fueling the ever-expanding crypto narrative.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
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Toncoin (TON) Continues To Ride Bullish Wave, Eyes To Reclaim $2 Level
Over the past 24 hours, the majority of the crypto market has been moving slowly, with the premier cryptocurrency Bitcoin falling below the $26,000 mark again. Toncoin, on the other hand, continues to defy the current market conditions, registering a significant price climb in the past day.
The TON price experienced a substantial increase on the first day of September, which is consistent with its overall trend in August.
TON Soars By 11% In A Single Day
Toncoin currently leads the altcoin market as one of the top gainers following an 11% price rise in the past 24 hours. In the same period, altcoins such as ETH and XRP appear to have succumbed to general market sentiment, suffering a 1% and 2% price dip, respectively.
Interestingly, TON’s latest price spike only underscores its impressive performance in the past few weeks. According to data from CoinGecko, the value of the cryptocurrency has swelled by more than 35% in the last seven days.
A broader look at Toncoin’s price history shows that the token has been on an ascent since the start of August. After plunging to a year-to-date (YTD) low of $1.18 on the 4th of August, TON is currently on a nearly 64% price rally.
The TON token is currently valued at $1.93, according to CoinGecko data. If this bullish momentum and the buying pressure continue to build, investors could see Toncoin return to the $2 mark.
However, technical indicators do not seem to be in favor of the bullish momentum continuing. The daily Relative Strength Index (RSI), an indicator that tracks the balance between the buying and selling pressure of a token, is currently in the oversold region.
The daily RSI in the oversold zone can be an indication of a potential trend reversal. In this situation, this means that investors could see Toncoin reverse all its gains and embark on a downward trend.
Can Toncoin Break Into The Top 10 Crypto Ranking?
This recent positive performance has catapulted Toncoin onto the verge of becoming one of the top 101 largest cryptocurrencies by market cap. According to CoinGecko data, TON is the 12th-largest cryptocurrency with a market cap of roughly $6.64 billion.
This puts it ahead of Polkadot, Polygon, and Litecoin, who occupy the 13th, 14th, and 15th positions, respectively. If TON continues its current price rally in this existing market condition, breaking into the top 10 ranking might be a possibility.
Interestingly, a significant 92% increase in the token’s daily trading volume adds further optimism to this scenario. An increase in trading volume can be a signal that investors are still dabbling into an asset.
With this, it would only be short-sighted to rule out more gains for the altcoin in the coming weeks.
Toncoin Up Over 8% In The Last Week – How Far Can It Climb?
In the rapidly evolving world of cryptocurrencies, Toncoin (TON) has recently emerged as a focal point of discussion due to its notable price surge of over 8% within the past week. This increase has ignited renewed interest in cryptocurrency and sparked inquiries regarding the coin’s potential for sustained growth in the foreseeable future.
At the time of writing, Toncoin (TON) boasts an impressive price of $1.46, securing its position as the 14th largest cryptocurrency by market capitalization, around $5 billion USD.
Toncoin Technical Analysis
Taking a technical perspective, Toncoin’s price chart reveals several interesting developments worth noting. The Relative Strength Index (RSI) currently sits at 58.29, suggesting a balanced interaction between buying and selling pressures. This indicates that the market is in a relatively neutral state. However, the RSI’s upward trend over the past week suggests that bullish sentiment among traders is strengthening.
The MACD Level (12, 26) at 0.0287 further supports the bullish sentiment with a buy indication. Additionally, the Momentum (10) at 0.0417 reinforces the positive momentum, indicating an opportunity for further upward movement.
From a short-term perspective, the moving averages paint an encouraging picture. The crossover of the 50-day moving average (MA) above the 200-day MA suggests a shift in momentum from bearish to bullish. This crossover is generally considered a positive signal, adding to the optimistic outlook for Toncoin.
Examining Toncoin’s performance over the past months reveals a nuanced story. While the cryptocurrency has shown resilience, recording a gain of 8.83% in the last week and 8% over the past month, it’s crucial to acknowledge its previous downward trend. Toncoin experienced a significant decline of 25.90% in the last three months and an even more pronounced drop of 40.74% in the last six months. These figures underscore the inherent volatility associated with Toncoin’s market movements.
More Gains Ahead?
In light of prevailing market sentiment and recent price actions, investors are presented with multiple potential scenarios. The bullish momentum witnessed in the short term may persist, particularly if the bullish crossover of the MACD indicator gains additional strength. However, a prudent approach is warranted, given the cryptocurrency’s history of significant downturns. It is advisable for traders to meticulously monitor critical support and resistance levels to make well-informed decisions.
Based on the current technical analysis, Toncoin (TON) is experiencing a positive phase, with indicators such as RSI, Stochastic, CCI, and moving averages reflecting a neutral to bullish stance. The market momentum and MACD level also point toward a potential upward movement. However, as with any financial asset, there are inherent risks, and market conditions can change rapidly. Staying informed and employing risk management strategies are crucial when navigating the cryptocurrency market.
Toncoin (TON) Investors Load Up Their Bags As Majority Of Cryptos Nosedive
Toncoin (TON) has showcased healthy market status since the end of last week. According to historical data from TradingView, it witnessed a consecutive bullish trajectory from August 11, 2023, until today, August 16.
The upward movement drew the attention of investors, resulting in a price increment of over 12% gain in the past seven days. Notably, the latest developments within Toncoin’s ecosystem could be the reason for the market uptick in the past few days.
However, TON’s market value today, August 16, is $1.44, representing a price drop of over 2% in the last 24 hours. With this current price, the asset is almost 19.7% up in the past 14 days, 7% in 30 days, and 17% in the past year.
Related Reading: Best-Selling Author Touts Buy XRP Now, But This Price Is Crucial
Recent Development Within Toncoin Ecosystem Pushes TON’s Value
There have been a lot of events on Toincoin’s ecosystem attracting massive investor attention and investment. Today August 16, Toincoin shared a post on X about its Indonesia event in Bali slated for August 23, inviting the crypto community to join.
Also, on August 14, Toincoin shared another update on expanding its ecosystem globally through the X platform. Toincoin shared that it has taken another step to increase its global reach by launching the network’s website in Ukraine.
This move shows the project’s commitment to increasing the asset’s adoption. Also, the team behind the TON projects wants to discover how Web3 teams could easily sign documents in Telegram.
In its X post, the team behind TON wrote:
For those who will be in Lisbon this Thursday, August 17, TON Society Europe is kicking off its journey with an exciting offline event.
Earlier on August 11, the TON community, via its X handle, shared a tweet from a known payment gateway for cryptocurrencies, NOWPayments.
The report noted that the payment service had incorporated TON into its technology to enable a seamless non-fungible token checkout from different marketplaces.
This announcement triggered a rise in the market value of TON, verifiably from historical data on TradingView. From the data, the digital asset kick-started its bullish trend on the same day the news was announced.
It recorded a price gain from $1.259 to $1.302, reflecting a positive price change of about 3.4% in 24 hours. As the news spread, investors filled their portfolios with TON, despite the price decline of some other crypto assets.
Related Reading: SEI Token Breaks Into Top 100 One-Day Post-Debut On Major Exchanges
Toncoin entry into the NFT sector could have been the reason for the continued purchase of more TON tokens. Investors are hopeful that the digital asset’s value will appreciate in the future because of NFTs.
These new updates contributed to the positive market sentiment after the association with NOWPayments triggered the price gains.
Toncoin Solid Climb: Price Spikes By 21% In Surprise Burst
Toncoin (TON) recently saw a remarkable breakthrough, shattering its month-long consolidation phase and providing a glimmer of hope for traders.
The coin, which had been confined within a price range of $1.31 to $1.49, broke free from this range-bound pattern, but not without facing its share of challenges.
During the consolidation phase, Toncoin exhibited multiple instances of attempting to breach the crucial $1.50 mark. These efforts sparked optimism among bullish market participants, hinting at a potential upward trajectory.
However, despite their persistence, the coin fell short of breaking through the psychological barrier and ultimately retreated below it.
Toncoin Bears Stand Strong But Caution Persists
The latest price data reveals that Toncoin reached $1.46, accompanied by a 4.7% rally in the past 24 hours and an impressive seven-day surge of 20.9%. While these numbers might appear promising, a deeper examination of market dynamics suggests a more cautious sentiment among traders and investors.
The enduring resistance from bearish market forces underscores the prevailing sentiment that the cryptocurrency market might not be fully prepared to sustain an extended climb beyond the $1.50 mark at this juncture.
Despite the spirited efforts by the bullish side, the bears have managed to maintain their stronghold, prompting a sense of prudence among market participants.
Visualizing the price movement and volatility, a chart in a recent price report juxtaposes Toncoin’s fluctuations over the past 24 hours with its movement throughout the past week.
Bollinger Bands, represented by gray bands on the chart, indicate the volatility of both daily and weekly price actions. A wider gray area signifies higher volatility, emphasizing the market’s response to Toncoin’s price shifts.
Volume And Circulating Supply Dynamics
The recent surge in Toncoin’s trading volume, climbing by an impressive 60.0% over the past week, aligns directionally with the overall circulating supply of the cryptocurrency. Notably, the circulating supply expanded by 0.29%, reaching a total of 3.44 billion.
This synchronicity between trading volume and circulating supply underscores the intricate interplay of supply and demand dynamics in influencing Toncoin’s market performance.
As Toncoin breaks free from its month-long consolidation and tests the $1.50 mark, the market is at a crossroads, torn between bullish aspirations and prevailing bearish resistance.
The cryptocurrency’s recent price movements highlight the nuanced nature of its journey, where small fluctuations carry significant implications for traders and investors alike.
While the path ahead remains uncertain, market participants continue to watch closely for signs of sustainable momentum that could propel Toncoin to new heights.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Shutterstock
Toncoin (TON) Surges As Crypto Market Rebounds, Can Bulls Send The Price To $2?
The TON price currently hovers at $1.28, representing a 4.54% price increase in the last 24 hours. Its price gain in the last 7 days stands at 7.58%. Toncoin is likely benefiting from the positive outlook of the global crypto market, standing at $1.18 trillion, representing a 1.42% gain in the last 24 hours. But how far can the rally go?
What Could Be Driving TON’s Price Gains?
According to a Ton Developer Report, the ecosystem recorded a massive increase in developer involvement of up to 102% in 2023. This is a significant increase from its previous levels in 2016. In addition, the report noted several events within the ecosystem that could be spurring the present surge. They include the DoraHacks Hackathon, TON Wiki Challenge, and the TON Grants program.
Also, the TON Developers Chats community grew by 6.5% in Q2 2023, with 9,134 members by the end of June. This indicates rising interest among developers in the Toncoin network.
The DoraHacks Hackathon was a significant event for the ecosystem’s growth, as it boosted community engagement. The TON Wallet challenge also recorded 101 submissions from developers competing for a share in the $40,000 prize pool.
Similarly, the TON Wiki Challenge received 50 valuable contributions and rewarded 30 participants with a total prize of $5,000 in USD. Furthermore, the TVM challenge recorded the presentation of 11 projects with new features. The participants competed for a share in the $54,000 prize pool.
Finally, the Ton Web App Challenge presents concepts that cut across various ecosystems and their progress.
Aside from challenges, the TON Grants program supported 34 projects with approximately $66,000 in funding. These projects will likely positively affect the ecosystem once they are complete.
With these strategic programs, TON is transforming into a developers’ hub, and the increased activity on the network is driving its price gains.
Can TON Reach $2?
TON shows limited trading activity with the small candles formed on the daily chart. It is trading below its 50-day and 200-day Simple Moving Average (SMA), expressing a bearish sentiment. Also, the 50-day SMA is about to drop below the 200-day SMA, forming a Death cross which confirms an increase in bearish pressure.
The Relative Strength Index (RSI) shows a value of 31.42, close to the oversold region 30. However, the RSI is moving sideways, confirming price volatility for the asset.
The Moving Average Convergence/Divergence (MACD) is below the signal line, also expressing a bearish sentiment. However, the Histogram bars are fading, hinting at a short-term price surge.
With all the indicators screaming bearish pressure, Toncoin will find it hard to sustain the rally in the short term and likely succumb to the rising pressure from the bears in the coming days.
Toncoin (TON) Leads Market Gains With Over 27% In A Week
Toincoin is trading at $2.30, gaining 10.61% in 24 hours. The price change in this period is 0.3172. The 24-hour low is $2.05, while the 24-hour high is $2.37.
Despite the recent events in the crypto space, TON has enjoyed a positive price surge today, recording gains in a volatile crypto market.
The trading volume is up by 40% at $66,552,790. According to CoinMarketCap, its market capitalization stands at $2,808,494,330.
TON is currently ranked number 22 on the crypto market list showing massive investor attention. Its affiliation with Telegram has also helped the project to soar in popularity even if it has been rebranded.
Although the TON coin is still some way off its all-time high value of $5.84, it has enjoyed a positive week and might close 2022 on a high note.
What Is Behind Toncoin’s Price Gains?
Toncoin is a decentralized blockchain (layer-1) built by the developers of the popular social messaging app Telegram.
Toncoin utilizes a proof-of-stake mechanism which has increased its adoption time. This mechanism encourages investors to profit by staking their tokens for rewards rather than going through the rigors of mining.
Toncoin price has seemingly surged due to investors rekindling their interest in the project. The Network uses sharding to operate its blockchains and is efficient and scalable.
While the crypto winter has persisted and with the dip in bitcoin, investors are looking to diversify. Also, the general crypto market has seen little gains in the last two weeks despite investors’ fears.
TON Likely To Sustain Its Rally
TON’s support levels of 1.123 and 1.572 have been held. TON has broken through the resistance level of 1.835 with 2.998, the next level it will likely surpass. Overtaking the next resistance level will launch Toncoin into a full bull run.
TON is currently trading above its 50-day and 200-day SMA. This shows that the assets’ short-term and long-term price movements are positive. The formation of long green candles on the chart’s right side indicates the bullish pressure.
The RSI reading is firmly in the overbought region at 72.48, meaning the asset is giving off a strong buy signal for investors.
The MACD (Moving Average Convergence/Divergence) is above its signal line and displays the positive price movement on the chart.
TON will likely sustain this pressure and finish the year strong if the bulls don’t back out or a major market capitulation. Most crypto assets have fluctuated in the past weeks but are slowly beginning to show signs of life.
Toncoin’s usability, scalability, and fast transaction times will likely see its increased adoption in the coming months.
Toncoin (TON) Leads Top Gainers In Last 7 Days
The Open Network has enjoyed massive media recognition in the last few weeks, resulting in impressive gains. The blockchain’s native token, TON, is currently among the top cryptos leading the market in weekly gains. As of the time of writing, TON’s price was $1.74, a 0.31% decline on the day. However, its weekly rise was 2%.
Toncoin’s media attraction came with the launch of Telegram’s unique username auction feature. In addition, this saw the launch of their marketplace, Fragment, where these usernames can be auctioned. Furthermore, the TON blockchain secured a massive investment deal with DWF Labs in the past few days. All these, together, resulted in the token’s rise this past week.
Toncoin Hopes To Get $10 Million From DWF Labs – Can the Deal Take TON To The Moon?
In a recent announcement, DWF Labs, a famous market maker, has inked a new partnership with the Ton blockchain. This partnership will see the blockchain receive $10 million in investment and other technical and market-making support. The collaboration will also see the market maker helping TON get listed on other exchanges. As of writing, TON is only listed in a handful of exchanges, including Kucoin, Huobi Global, and OKX, among others. It’s yet to be listed on top exchanges like Binance.
It is unclear whether DWF Labs can help TON reach new highs. But it certainly seems that they have an interest in doing so. With the news, TON’S price rose by 4.2%, reaching $1.74 at press time. However, it has shed some gains, mainly due to the overall bearish trend across all cryptocurrencies.
The cryptocurrency market is still reeling from the recent drop in prices thanks to the FTX implosion. As investors are bearish and weary, there is no telling how much more the crypto market could fall. However, positive news like this might contribute to getting the market back on track.
Traders Aren’t Bullish On Toncoin
The CoinMarketCap community has voted that Toncoin may decline by January 2023. Approximately 142 users voted that Toncoin would trade at an average of $1.487 at the start of next year. The votes were compiled using the Price Estimates tool on the CoinMarketCap website. This is a 12% drop from the token’s current market price at press time.
But looking at the Toncoin’s price chart and recent developments, it seems unlikely that the token will drop that much. Earlier this month, the number of new accounts and wallet holders increased. Specifically, over the past week, there has been a 5% growth in the number of wallets holding TON.
As of November 15, there were 2,829 unique wallet addresses. However, it had a considerable increase starting on the 17th and continued through today, the 22nd, adding 147 new addresses. The blockchain also recorded a 2.3% increase in new accounts. Specifically, the number of new accounts created from November 13-20 grew from 1,423,525 to 1,456,235.
Featured image from Pixabay and chart from TradingView.com
Toncoin (TON) Continues To Mark Higher Gains, Big Move Coming?
Toncoin has defied the entire crypto market sentiment as its value continues to trend higher. As per CoinMarketCap data, the native token of the TON blockchain has kept over 20% gain in the last seven days. The token has experienced extreme volatility in the last 24 hours, though. And it’s not just on the last day alone.
Earlier this week, popular hardware wallet, SafePal announced support for the TON blockchain and its native currency, TON. According to the blog post on its official website, the hardware wallet provider will include Toncoin in its list of supported cryptocurrencies before 2022 ends. This means users can now safely store their cryptocurrency holdings using the SafePal device.
The TON community has also been bullish following the launch of Telegram’s username auction service. So far, users have shown great interest in buying names like ‘alfa,’ ‘dogecoin,’ and ‘amazon.’ The auction service was launched by the company earlier this month. It allows users to buy or sell unique TON-based usernames.
SafePal To Support Toncoin By The End Of 2022, Token Rises Then Dumps
SafePal announced plans to add support for the TON Blockchain’s native currency, Toncoin, by the end of 2022. The announcement was made on November 17th on its official Twitter page and website. According to the post, SafePal will be the first cold wallet to support the native token. It also mentioned that it’d provide offline storage for the token. In addition to this, SafePal said that it would enable users to send and receive Toncoins from any other wallet.
The integration was prompted by the recent interest in the TON Blockchain. As per the blog post, the integration will also be implemented on SafePal’s software wallet offering. However, they didn’t specify a date when the feature would be available. It only mentioned that it’d be rolled out before the end of Q4 2022.
After the November 17th announcement, Toncoin’s price started surging. It rose by almost 8%, from $1.69 to $1.82, before retracting for the day. However, the surge didn’t last well enough the following day as it saw a price drop. Luckily, the drop wasn’t severe, and the token still bounced back to continue its rally.
Toncoin Analysis – Where The Token Is Headed
Despite fluctuating between highs and lows at press time, the TON token has continued to rise steadily since this week started. The overall crypto market sentiment has been bearish, but the TON token has bucked the trend. It’s currently trading at around $1.78, up by over 11% in the past 7 days.
However, the token hasn’t faired too well in terms of the trading volume. In the last 24 hours, activities have slowed down by over 50%. While this isn’t alarming, it does indicate that traders might be slowing down on the Telegram username auctions. But this hasn’t stopped the token’s price from rising. In the coming days, it’s yet to be seen if the token will sustain its current momentum.
Featured image from Pixabay and chart from TradingView.com
Toncoin (TON) Records Positive Moves As Major Cryptos Recover
Toncoin, Telegram’s official blockchain token, has printed positive gains as the overall market tries to recover. TON saw a price increase of 1.52% on the day while gaining ground against BTC and ETH. It also reached an intraday high of $1.71. However, it has retracted, sitting at $1.69 press time.
The blockchain’s native token has also had a positive week. Despite falling to $1.33 at the start of the week, it recovered quickly and posted a 5.57% increase. Toncoin’s positive moves can be attributed to its parent company, Telegram’s latest username feature.
Telegram Allows Users To Buy Unique Usernames
This week, Telegram officially launched a new feature that enables the auctioning off of usernames. Users of Telegram now have the ability to auction off their usernames for their accounts, public groups, or channels, as stated by Telegram. The feature is quite similar to the ENS domains on the Ethereum network.
The auction was hosted by Fragment, a free marketplace for trading collectibles between users. According to Telegram, it’ll use the TON blockchain to secure the ownership and uniqueness of each username. The company also mentioned that users could create many aliases for their accounts, groups, and channels.
Telegram added:
For the first time in the history of social media, people have full ownership of their usernames. Long-time Telegram users who have been using short usernames they registered for early on can now benefit from the platform’s growth by selling their usernames in fair, transparent, fully decentralized auctions.
Toncoin Surges As New Accounts And Wallet Holders Increase
TON has also enjoyed surges in other areas, including the number of new accounts and wallets holding the token. As per data from CoinMarketCap, the number of wallets holding TON increased by over 12% in the last 7 days. On November 10, the number of unique wallet addresses was 2,546. However, it surged sharply on the 13th, adding over 200 unique addresses between then and today, the 16th.
The number of new account registration on the blockchain has also increased since the start of November. Data obtained from the TON official Telegram channel noted a 1% rise between November 6th and 12th. This increased the number of new accounts to 1,421,079, up from 1,406,699. These increases don’t come as a surprise, given the launch of the Telegram username auction and Fragment marketplace. As of writing, TON’s market cap had jumped 1.46%, though trading its 24-hour trading volume was down over 30%.
The latest features on Telegram are a big step forward for Web3. In August, Pavel Durov, founder of Telegram, first introduced the concept of username ownership being recorded on the blockchain. When Durov talked about the idea earlier this year, he said that “a little bit of Web 3.0” could be added to “Telegram in the coming weeks.” His comments at the time reflected his admiration for the TON Foundation’s successful domain name auction.
Featured image from Pixabay and chart from TradingView.com
