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Cryptocurrency News Articles
Toncoin Surges in Crypto Winter, Gaining Market Share and DeFi Traction
May 10, 2024 at 11:34 am
Toncoin has surged over 400% in value since May 1st, cementing its position as the eighth largest cryptocurrency by market cap. The surge is attributed to the growth of the Telegram-backed Open Network, which has accumulated over 900 million active users. Toncoin's DeFi TVL has also skyrocketed to over $549 million, driven by its liquid staking industry, making it the 17th largest DeFi player.
Toncoin Surges Amid Crypto Winter, Gaining Market Share and DeFi Traction
Toncoin, the native token of the Telegram-backed Open Network blockchain, has exhibited remarkable resilience in the face of a persistent crypto market downturn. While other cryptocurrencies have languished under pressure, Toncoin has staged a strong recovery, reaching a high of $6.40 on Friday morning, the highest since April 19th.
This surge represents a significant 40.5% increase from its May 1st low and an impressive 53.5% gain from its lowest point in 2023. The upswing has propelled Toncoin's market capitalization to over $22 billion, solidifying its position as the eighth largest cryptocurrency in the world, surpassing notable tokens such as Dogecoin, Cardano, Shiba Inu, Avalanche, and Tron.
The resurgence of Toncoin can be attributed to several factors, including the growing popularity of Telegram, the social media platform that is closely associated with the Open Network. Telegram has emerged as one of the fastest-growing social media networks globally, boasting over 900 million active users. Analysts anticipate that Toncoin will gain traction as a convenient payment option for Telegram's vast user base.
Another driver of Toncoin's upward trajectory is the burgeoning ecosystem surrounding the Open Network. DeFi Llama data reveals that the network's total value locked (TVL) has surged to over $549 million in recent weeks, making it the 17th largest DeFi platform.
The growth in TVL is primarily driven by liquid staking protocols, which enable users to earn returns on their Toncoin holdings. Tonstakers dominates the sector with a $227 million TVL, followed by Bemo, Stakee, and Hipo with $70 million, $15 million, and $3.7 million, respectively.
Notably, Toncoin is one of the few blockchain networks experiencing DeFi growth amid the crypto winter. Its assets have increased by 20% over the past 30 days, outperforming Ethereum, Solana, and Tron, all of which have lost over 10% of their assets during the same period.
Other factors contributing to Toncoin's price surge include the increasing number of transactions on the network following the launch of Tether (USDT) and the growing interest from developers seeking to leverage the platform's popularity for new product launches.
Analyzing the daily chart, the Toncoin token price bottomed at $4.60 on May 1st, coinciding with Bitcoin's plunge to approximately $56,500. Since then, it has rebounded by over 30%, crossing the crucial 50-day Exponential Moving Average (EMA).
The Bull Bear Power indicator has risen above the neutral point, while the Coppock Curve, a technical indicator that measures momentum, has also climbed. This indicates bullish sentiment among traders.
The bulls appear to be targeting the year-to-date high of $7.68, which represents a potential 20% gain from current levels. However, a breach of this resistance could lead to a double-top pattern with a neckline at $4.60, which in price analysis is a bearish pattern indicating a potential reversal in the upward trend.
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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