Toncoin, the native cryptocurrency of The Open Network (TON) blockchain, has recently experienced significant price increases and rapid growth in its ecosystem. After a period of consolidation between $1 and $2 from 2022, the TON price increased, reaching a record high of $8.25 on June 15.
This achievement is accompanied by a significant enhance in the total value locked (TVL) of the TON blockchaindoubling from $300 million.
TVL TON Blockchain reaches $600 million
According to According to technical analyst Kyle Doops, the TON blockchain’s TVL experienced unprecedented growth, reaching $608.65 million and doubling its value in three weeks.
For Doops, this growth can be attributed to TON’s integration with Telegram, leveraging its broad consumer base of over 900 million users. Moreover, protocols such as DeDust, bemo, and Stakee have seen significant growth in TVLs, contributing to the growth of the TON ecosystem.
As reported by NewsBTC, Telegram has introduced a novel advertising feature enabling users to promote their channels by placing advertisements. To facilitate rapid and secure ad payments and payouts, Telegram CEO Pavel Durov exclusively chose the TON blockchain.
Pavel explained that users can now purchase advertising space using Toncoin and the revenue generated from advertising will be shared with channel owners on Toncoin. According to the social media platform’s CEO, this approach creates a “virtuous circle” that enables content creators reinvest revenues in the promotion and improvement of channels.
In addition, the number of daily dynamic wallets on the TON network has reached over 388,000, and monthly dynamic wallets have exceeded 5.5 million. Cryptocurrency researcher Leon Waidmann notes that growth in the number of dynamic TON wallets even outperforms Coinbase’s Layer 2 (L2) BASE, setting a novel standard for development and adoption in the cryptocurrency industry.
The analyst predicts a 40% potential breakout for Toncoin
Although TON saw a slight decline of 1.2% over the last 24 hours, trading volume increased by 22% according to CoinGecko, indicating mighty investor interest in the token data.
Despite short-term corrections, TON showed significant profits across time frames, with increases of 11%, 18%, and 22% over the past seven, fourteen, and thirty days, respectively.
Cryptocurrency analyst Ali Martinez shares a bullish Toncoin price projection indicates that TON may be preparing for a potential 40% breakout, setting a price of $11.
Nevertheless, the analyst added that the TD Sequential indicator suggests a potential drop to $7.2 to gather liquidity before moving higher. Near-term key support levels include $7.78, which has prevented a deeper retracement for the token and resistance at $8.17.
Featured image from DALL-E, chart from TradingView.com
