Toncoin (TON) has surged over 200% in the past year, now trading at $6.36.
Total Value Locked (TVL) in TON has hit $218 million, showing growing adoption and dApp usage
Toncoin (TON) has experienced a remarkable surge over the past year, increasing by more than 200%. This cryptocurrency, closely tied to the Telegram messaging app, has captured the attention of the digital asset sector. Currently trading at over $6.36, with a slight increase of more than 2% in the last 24 hours. Toncoin boasts a market cap of $22 billion, firmly establishing itself in the top 8 cryptocurrencies.
Significant Growth in Total Value Locked (TVL)
The Total Value Locked (TVL) in TON has reached over $218 million, reflecting its growing adoption and the increasing prevalence of The Open Network’s decentralized applications (dApps). This growth in TVL is a crucial indicator of the cryptocurrency’s adoption and usage within the ecosystem. As the TVL increases, it signifies more users are locking their assets within the TON network, demonstrating confidence in its potential and stability.
The rapid rise in TVL highlights the effectiveness of TON’s integration with Telegram. The messaging app’s vast user base provides a fertile ground for increased adoption of Toncoin and its related applications. As Telegram continues to expand its services and reach, TON is likely to benefit from this growth, further solidifying its position in the market.
Active Addresses and Market Performance
Toncoin has seen a significant increase in active addresses, growing by over 110% in the past six months. This metric indicates robust user engagement and suggests a healthy, active network. The surge in active addresses is a positive sign, reflecting growing interest and participation in the TON ecosystem.
The daily count of addresses involved in Toncoin (TON) transactions has seen a significant decline. According to on-chain data provider Santiment, this number has decreased by 40% over the past seven days.
Concurrently, the creation of new addresses for TON trading has also dropped, with a 53% reduction since May 16.
Mean Coin Age is a blockchain metric that assesses the average age of all coins by considering the duration each coin has remained in its current address. This metric helps understand the behavior of long-term holders and the overall network stability. An uptick in Mean Coin Age indicates that investors are holding onto their assets, while a downtick suggests that the supply is moving around various addresses.
Toncoin Mean Coin Age. Source: Santiment
Since February, Toncoin has experienced a downtick in the Mean Coin Age, indicating a shift in the behavior of TON holders. Despite this, broader market cues have managed to keep Toncoin’s price buoyant.
Will TonCoin surpass the $9?
Technical analysis on TradingView indicates that Toncoin is encountering resistance from the Simple Moving Average (SMA) in the 1-day timeframe. This resistance signifies a growing bearish sentiment in the crypto market, adding weight to the negative outlook for Toncoin.
TON faces vital resistance levels at $6.52 and $7.23, with supports at $6.00 and $5.56. The potential for upward momentum, with bullish perspectives eyeing a challenge towards the $8 mark and beyond, potentially surpassing previous all-time highs and reaching $9.
