Toncoin, the native cryptocurrency of The Open Network (TON) blockchain, has recently experienced notable price appreciation and rapid growth in its ecosystem. After a period of consolidation between $1 and $2 since 2022, TON’s price has surged to reach a record high of $8.25 on June 15.
This achievement is accompanied by a significant increase in the TON blockchain’s Total Value Locked (TVL), doubling from $300 million.
TON Blockchain’s TVL Hits $600 Million
According to technical analyst Kyle Doops, the TON blockchain’s TVL has experienced 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, leveraging its broad consumer base of over 900 million users. Furthermore, protocols such as DeDust, bemo, and Stakee have seen significant increases in their TVL, contributing to the growth of the TON ecosystem.
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As reported by NewsBTC, Telegram introduced a new advertising feature allowing users to promote their channels through ad placements. To facilitate fast and secure ad payments and withdrawals, Telegram CEO Pavel Durov has exclusively chosen the TON blockchain.
Pavel explained that users can now purchase ad space with Toncoins, and revenue generated from ads will be shared with channel owners in Toncoin. According to the social media platform’s CEO, this approach creates a “virtuous cycle,” allowing content creators to reinvest revenue into channel promotion and upgrades.
In addition, daily active wallets on the TON network have reached over 388,000, with monthly active wallets surpassing 5.5 million. Crypto researcher Leon Waidmann notes that TON’s increase in active wallets surpasses even Coinbase’s Layer 2 (L2) BASE, setting a new standard for growth and adoption in the crypto industry.
Analyst Forecasts 40% Potential Breakout For Toncoin
Although TON has experienced a slight decline of 1.2% over the past 24 hours, trading volume has increased by 22%, indicating strong investor interest in the token, according to CoinGecko data.
Despite short-term corrections, TON has shown significant gains over various 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 projection for the Toncoin price, crypto analyst Ali Martinez suggests that TON may be gearing up for a potential 40% breakout, targeting a price of $11.
Nevertheless, the analyst added that the TD Sequential indicator suggests a potential dip to $7.2 to gather liquidity before an upside move. In the near term, key support levels include $7.78, which has prevented a deeper retracement for the token and the $8.17 resistance.
Featured image from DALL-E, chart from TradingView.com