Toncoin, the native cryptocurrency of the Open Network (TON) blockchain, has recently seen a significant price rise and rapid growth in its ecosystem. After a period of consolidation between $1 and $2 since 2022, the price of TON rose to reach a record high of $8.25 on June 15.
This achievement is accompanied by a significant increase in the total value locked (TVL) of the TON blockchain.doubled from $300 million.
The TVL of TON Blockchain reaches $600 million
According to According to technical analyst Kyle Dobbs, the TVL of the TON blockchain witnessed an unprecedented surge, reaching $608.65 million and doubling its value within three weeks.
For Doops, this increase can be attributed to TON's integration with Telegram, tapping into its broad consumer base of over 900 million users. Furthermore, protocols like DeDust, bemo, and Stakee have seen significant increases in their TVL volume, contributing to the growth of the TON ecosystem.
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As reported by NewsBTC, Telegram has introduced a new advertising feature that allows this Users to promote their channels through ad placements. To facilitate fast and secure advertising payments and withdrawals, Telegram CEO Pavel Durov exclusively chose the TON blockchain network.
Pavel explained that users can now purchase advertising space with Toncoins, and the revenue generated from advertising will be shared with Toncoin channel owners. According to the social media platform's CEO, this approach creates a “virtuous circle,” allowing content creators to Reinvest revenue In promoting the channel and its promotions.
In addition, daily active wallets on the TON network have reached over 388,000, with monthly active wallets exceeding 5.5 million. Cryptography researcher Leon Weidman Notes The TON increase in active wallets even exceeds Coinbase's Layer 2 (L2) base, setting a new standard for growth and adoption in the cryptocurrency industry.
The analyst predicts a possible 40% breakout for Toncoin
Although TON saw a slight decline of 1.2% over the past 24 hours, trading volume increased by 22%, indicating strong investor interest in the coin, according to CoinGecko. Data.
Despite short-term corrections, TON has shown Big gains over different time frames, with increases of 11%, 18%, and 22% over the past seven, fourteen, and thirty days, respectively.
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In a bullish forecast for Toncoin price, cryptocurrency analyst Ali Martinez said She suggests TON may be preparing for a potential 40% breakout, targeting a price of $11.
However, the analyst added that the TD Sequential indicates a possible drop to $7.2 to raise liquidity before an upward move. In the near term, key support levels include $7.78, preventing a deeper bounce for the token, and the $8.17 resistance level.
Featured image of DALL-E, chart from TradingView.com
