TL;DR
- Toncoin (TON) is showing strong performance with a current price of $7.83, having recently reached an all-time high (ATH) of $8.24.
- TON’s Total Value Locked (TVL) has surpassed $600 million on its blockchain, driven by growth in protocols like DeDust.
- Integration with Telegram has bolstered its adoption, especially through “play-to-earn” games and the introduction of Telegram Stars for digital mini applications.
Toncoin (TON) continues to break records thanks to its strong performance, positioning it as one of the leading cryptocurrencies by market capitalization and technological adoption. It currently trades at $7.83, having experienced a 1.8% decline in the last day, previously reaching an ATH of $8.24. Additionally, it grew by 10.2% in the last week and 17.5% in the last month. With a market capitalization of $19 billion, it ranks ninth among the most important cryptocurrencies according to CoinMarketCap.
One of the most significant achievements for Toncoin has been surpassing $600 million in Total Value Locked (TVL) on its blockchain. This considerable growth from the $300 million reported just three weeks ago has been largely driven by protocols like DeDust, a decentralized exchange on the TON network, which saw a 53% increase to nearly $300 million in TVL. Moreover, smaller protocols like bemo, Stakee, and EVAA have also shown significant double-digit growth in the last week.
The #TON blockchain's total value locked (TVL) skyrocketed to $608.65 million, doubling from $300 million in just three weeks.
Protocols across the board, from giants like DeDust to rising stars like bemo and Stakee, saw substantial TVL boosts.
This surge is powered by TON's… pic.twitter.com/nu68p6NnFF
— Kyledoops (@kyledoops) June 17, 2024
Integration of Toncoin with Telegram has been crucial for its expansion, particularly through “play-to-earn” games like Notcoin and Yescoin, which have gained popularity among users. Telegram has also introduced Telegram Stars, a payment system for digital mini applications that offers reduced promotional fees for developers.
Tether and Pantera Capital Back Toncoin
Furthermore, Toncoin has received significant strategic investments, such as from Pantera Capital, highlighting TON’s close relationship with Telegram. Additionally, collaboration with Tether (USDT) has bolstered confidence in the cryptocurrency’s future within the market.
Despite its successes, Toncoin faces cybersecurity challenges, with reports of fraudulent activities associated with the cryptocurrency. However, technical analyses suggest bullish potential for TON, with forecasts pointing to a 40% increase to $11, although short-term corrections are anticipated that could bring the price down to $7.2 to consolidate liquidity levels.
Toncoin is in a strong position to continue growing in the crypto market, supported by its strong financial performance, technological adoption, and key strategic partnerships.
