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Cryptocurrency News Articles
Toncoin, Bolstered by Telegram's Influence, Emerges as Crypto Heavyweight
May 10, 2024 at 06:35 pm
Telegram-backed Toncoin (TON) has been on a remarkable surge as the top performer among the top ten crypto projects. With a 14% spike in the past 24 hours, TON is currently trading around $6.9, propelled by its role as the native cryptocurrency for The Open Network blockchain and its integration with Telegram's vast user base.
Telegram-Powered Toncoin Emerges as a Crypto Market Heavyweight
The burgeoning cryptocurrency landscape has witnessed a surge in the prominence of Toncoin (TON), the native token of the Open Network blockchain backed by the Telegram social media behemoth. In the past 24 hours alone, Toncoin has surged by an impressive 14%, reaching a trading value of approximately $6.9 during the mid-London session on Friday.
This remarkable ascent has propelled Toncoin to the forefront of layer one (L1) blockchains, boasting a staggering total value locked (TVL) of over $259 million. Notably, Toncoin has surpassed the performance of several established Web3 chains, including veterans like Cardano (ADA), Tron (TRX), and Avalanche (AVAX). As of this writing, Toncoin boasts a fully diluted valuation of around $35 billion and a robust daily average trading volume of approximately $672 million.
Telegram's Influence: A Catalyst for Toncoin's Growth
As Coinspeaker has previously highlighted, the Toncoin ecosystem is deeply rooted in the influential Telegram social networking platform. With Telegram commanding a vast user base of nearly 200 million daily active users (DAU), the Toncoin ecosystem is poised for exponential growth amid the current crypto market upswing.
A testament to Telegram's impact is the remarkable success of Notcoin (NOT), a community token that seamlessly integrates users into the web3 ecosystem through a tap-to-earn mining mechanism. Binance Holdings Ltd, a leading cryptocurrency exchange, recently announced that its users can commence farming NOT meme coins on May 13 by staking BNB and FDUSD into designated pools.
Binance's decision to list NOT tokens follows similar moves by other top-tier crypto exchanges, including Bybit and OKX. This listing underscores the growing recognition and adoption of the Toncoin ecosystem.
Toncoin's Vibrant Web3 Ecosystem
The Toncoin ecosystem encompasses a dynamic web3 environment comprising over 700 applications, including wallets and exchanges that facilitate seamless crypto adoption. This vibrant ecosystem has attracted a significant user base, with the Toncoin network accumulating over 17.9 million addresses since its inception, primarily through the Jetton wallet.
Furthermore, the Toncoin network offers passive income opportunities through staking, with approximately 549 million TON coins staked to date.
Technical Analysis and Market Sentiment
Toncoin's price momentum has benefited from the resurgence of altcoin speculation amidst the ongoing crypto market bull run. Earlier last month, TON price reached an all-time high (ATH) of $7.63 after breaking out in a bullish trend at the start of the year.
Should TON's bullish momentum persist in the coming weeks, the altcoin is likely to establish a new ATH in the near future. Notably, TON has outperformed Bitcoin and Ethereum despite their lack of bullish momentum over the past week, gaining over 29%.
From a technical perspective, TON price has rebounded on the 50 SMA and 50 RSI on the daily chart against the US dollar, indicating a strong probability of continued bullishness. This analysis suggests that TON price could potentially reach the next liquidity range between $9.6 and $12.6, coinciding with the 1.618 and 2.618 daily Fibonacci Retracement levels.
Conclusion
Toncoin has emerged as a force to be reckoned with in the cryptocurrency market, backed by the massive user base of the Telegram social network and a rapidly expanding web3 ecosystem. The altcoin's technical indicators point towards a potential breakout to new highs, further solidifying Toncoin's position as a major player in the crypto space.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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