Sun, May 19, 2024

TON Growth: $23.9B Market Cap and 20% Weekly Increase

Toncoin - TON

Quick Look:

  • Toncoin shows a trading price of $6.88 with a recent 20% weekly rise, though trading volume fell by 64%.
  • Enhanced by its Telegram integration, the recent launch of the Notcoin game attracted 34 million players.
  • Analysts forecast a price target of $10, with current and upcoming support levels at $6.2 and $6.

Toncoin (TON) keeps asserting its prominence in cryptocurrency. As a proof-of-stake (PoS) ecosystem, Toncoin’s strategic integration with the Telegram messaging app sets it apart, offering utility and scalability.

TON at $6.88: 3.51% Daily Gain, 20% Weekly Rise

Currently, Toncoin is trading at $6.88. Thereby reflecting a 3.51% increase over the last 24 hours and a significant 20% rise over the past week. With a market capitalisation of $23.9 billion, Toncoin currently ranks as the 8th largest cryptocurrency asset. However, it’s noteworthy that while the asset has seen considerable gains, its 24-hour trading volume has decreased by 64%, standing at $250 million.

34 Million Players Engage with New Notcoin Game

Recent developments have further fuelled interest in Toncoin. On May 16, the launch of the play-to-earn game Notcoin on the Telegram platform, which has attracted 34 million players, exemplifies the cryptocurrency’s growing ecosystem. This game allows players to mine virtual Notcoin tokens, enhancing user engagement.

Simultaneously, a significant airdrop involving 34.5 million Notcoin tokens was executed, contributing to a surge in demand for TON. The strategic investments by Pantera Capital introduced bullish sentiments due to the crypto’s Telegram integration. Additionally, a partnership with HashKey Group to enhance operational efficiency in the Asia-Pacific region expanded its technological access.

TON’s 310% YTD Surge to $7.67, Eyes $10 Target

From the beginning of the year, Toncoin’s price has rocketed from $1.87 to a peak of $7.67 on April 11, marking a year-to-date gain of 310%. However, following this peak, the price saw a 39% correction, with current support levels at around $4.6, which is horizontal support and aligns with an ascending trendline.

Analysts set a short-term price target of $10 for Toncoin. If corrections occur, support is anticipated at $6.2 and then $6, based on recent trading behaviours, which hover around $7.

Stake TON and USDT for 50% APY and Earn NOT Tokens

Toncoin’s affiliation with Telegram provides a robust foundation that enhances its appeal. Key features such as scalability, speed, and the integration of decentralized communications and finance make Toncoin a versatile asset in the crypto world. For users, benefits include the opportunity to stake TON and USDT coins with an annual percentage yield (APY) of 50%, alongside receiving NOT tokens through TON staking.

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