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Cryptocurrency News Articles
Toncoin Price Prediction: Can TON Flip Solana?
Sep 30, 2024 at 07:18 pm
TON Blockchain has become one of the fastest-growing networks in the crypto industry and is seeing robust performance in areas like DeFi and gaming.
Toncoin price has soared this year, outperforming Bitcoin, Solana, and Ethereum.
The token is now the 10th biggest cryptocurrency by market cap.
It has risen by almost 1,300% since it was launched in 2021.
However, TON has underperformed the market in recent weeks.
The token dropped by 30% from its highest point this year.
This decline is likely linked to the recent arrest of Pavel Durov, TON’s founder, in France.
Despite this setback, TON remains one of the fastest-growing blockchains in the world.
Launched by Telegram, the network provides an alternative to other popular chains like Avalanche, Ethereum, and Cardano.
It is powered by Distributed Ledger Technology (DLT), which enables it to process millions of transactions per second (TPS).
According to its white paper, other notable features include Turing-complete smart contracts, multi-currency value transfer, and support for both on-chain and off-chain payment networks.
Importantly, TON’s technology can be easily integrated with Telegram, the social media platform used by millions of people globally.
In recent months, the network has become highly popular among developers in the gaming and finance industries.
The most notable growth area has been in the tap-to-earn and play-to-earn industries.
In tap-to-earn, users earn tokens by doing simple tasks like following the developer’s social media networks and just tapping a button.
Hamster Kombat, the most popular tap-to-earn game in the network, has over 300 million users.
Its YouTube page broke records when it accumulated 37 million subscribers in less than five months.
In gaming, users play simple games, accumulate tokens, and then convert them into fiat currencies when an airdrop is launched.
In some instances, networks like Hamster Kombat, Catizen, and Pixelverse have created millionaires.
TON has also become a big name in the decentralized finance industry, where its dApps have a total value locked (TVL) of over $431 million and stablecoins are worth $668 million.
Further data shows that TON is one of the biggest players in the decentralized exchange (DEX).
According to DeFi Llama, the network handled transactions worth over $168 million in the seven days to Sep. 29.
All these metrics have pushed its on-chain activity to a record high.
For example, the number of on-chain activated wallets has risen to over 20.6 million while the number of active monthly wallets has soared to 10.8 million.
Some analysts believe that by harnessing social media – in terms of Telegram, fast speeds, and low transaction costs, TON may pass Solana in the long term.
However, doing this will not be easy because of Solana’s size and its ecosystem.
For one, Toncoin has a market cap of over $14.7 billion while Solana is valued at $73 billion.
This means that it needs to rise by almost 400% to close the gap.
Solana also has more developers building in its ecosystem.
It has 164 dApps in the DeFi industry while TON has 35.
Its DeFi ecosystem has a total value locked (TVL) of over $5.4 billion compared to TON’s $430 million, meaning that its assets need to rise by over 1,155%.
Solana has also become a dominant player in other areas that TON is not presently in like Decentralized Public Infrastructure Network (DePIN) and meme coins.
Its meme coins like Dogwifhat, Popcat, Bonk and Cat in a dogs world have a market cap of over $8 billion, according to CoinGecko.
Therefore, the odds of TON flipping Solana are a bit limited.
However, what is clear, is that the network will continue growing its market share in both crypto rankings and in other industries like gaming and DeFi.
In September, the TON token price jumped and peaked at $8.25 and then retreated to the key support at $4.44.
On the daily chart, the token has found support at $4.68, where it failed to drop below in May, August, and September.
This was a notable level since it was along the 50% Fibonacci Retracement point.
Toncoin has bounced back and flipped the 50-day and 200-day Exponential Moving Averages (EMA).
It has also avoided forming the death cross pattern that would have led to a big drop.
Moreover, TON has formed a small bullish flag candlestick pattern.
Therefore, the token will likely have a bullish breakout in October, which is historically a good month in the crypto industry.
If this happens, the next point to watch will be at $
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