TON Blockchain’s TVL Skyrockets 100% In Record Time, Analysts Bullish On Next Price Targets
June 17 2024 - 5:00PM
NEWSBTC
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. Related Reading:
This Altcoin Gem Will Overtake Solana, Predicts Arthur Hayes 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. Related Reading: Metrics Signal Bitcoin Price
Increase – But When Is Anyone’s Guess 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
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