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Toncoin Price Analysis and Market Trends
Toncoin (TON) price has shown impressive performance this week, even as Bitcoin and most altcoins have seen a decline. Currently, Toncoin is near its all-time high, boasting a market cap of over $17.6 billion, making it the 9th-largest cryptocurrency globally.
Created by Telegram, Toncoin has experienced significant growth, increasing by over 600% from its lowest point in 2023. This surge can be attributed to its rising popularity among users and developers.
Developer Engagement and Ecosystem Growth
According to data, the network has attracted 16 DeFi developers, resulting in a Total Value Locked (TVL) exceeding $850 million. Key players in the ecosystem include Tonstakers, DeDust, and Bemo.
Tap-to-Earn Industry
Toncoin has also gained traction in the tap-to-earn sector, highlighted by the success of Notcoin. Notcoin has amassed over 30 million users and a market cap of over $1.8 billion.
TapSwap, another significant entity in the Toncoin and Telegram ecosystem, has grown remarkably. It has over 49 million users globally, with more than 18 million daily users who have made over 1.8 trillion touches since its inception. The upcoming airdrop by TapSwap is expected to further boost its user base, allowing users to convert their tokens into fiat currency.
On-Chain Activity
Recent on-chain data reveals a significant increase in active Toncoin wallets, soaring to over 8.07 million from about 1.28 million at the start of the year. This parabolic rise underscores the growing adoption of Toncoin.
Toncoin Price Analysis
The TON token has been on a strong bullish run in recent months, establishing itself as a major player in the crypto industry. It has reached the middle line of Andrew’s pitchfork tool, indicating a positive trend. Additionally, it has found substantial support at the 50-day Exponential Moving Average (EMA) and the Ichimoku cloud indicator.
The risk is that the Notcoin price is slowly forming a triple-top chart pattern, a known bearish indicator. More upside will be confirmed if the price moves above the all-time high of $7.87. If this occurs, it opens the possibility for TON to rise to $10.
For more updates on cryptocurrency trends, investing tips, and financial news, explore the latest articles on Global Crypto News.
