Toncoin (TON) is defying the broader market’s downward trend, currently trading at $7.83 with a remarkable performance. Over the past day, it has gained 5.11%, 3.94% over the week, and an impressive 15% for the month. With a market cap of $19 billion, TON holds the ninth position among leading cryptocurrencies as per CoinMarketCap.
TON Achieves Record TVL
The TON blockchain recently hit a new milestone with a Total Value Locked (TVL) exceeding $600 million, as reported by DefiLlama. This surge saw the network’s TVL rise from $300 million just three weeks ago. The growth was driven by notable gains in top protocols like DeDust, a decentralized exchange on TON, which witnessed a 53% increase to nearly $300 million in TVL. Smaller protocols such as bemo, Stakee, and EVAA also experienced significant growth over the past week.
Bullish Momentum: TON’s Partnerships Propel Growth
The integration of Telegram with the TON blockchain has significantly contributed to its adoption. With over 900 million global users, Telegram has popularized play-to-earn mini-games like Notcoin and Yescoin, thereby expanding TON’s ecosystem. Telegram also introduced Telegram Stars, a digital mini-app payment system offering developers lower promotion fees compared to traditional platforms.
Positive sentiment surrounding TON has been reinforced by recent developments and strategic partnerships. Pantera Capital’s investment in TON, citing strong ties with Telegram, and collaboration with USDT issuer Tether have boosted confidence in the blockchain’s future. However, TON has encountered cybersecurity challenges, including reports of scammers exploiting Toncoin for fraudulent activities.
Is it Time to Invest or Wait?
Technical analysis indicates an upward trend for TON. The recent slight increase of 0.23% to $7.83 reflects Toncoin’s resilience. Notably, TON’s growth is evident in its ATH TVL value. An ATH in price could potentially see TON rise to between $8.80 and $9.50. Additionally, analysts such as Ali Martinez predict a potential 40% breakout to $11, although the TD Sequential indicator suggests possible short-term dips to $7.2 for liquidity gathering.
