Toncoins TVL Surpasses 600 Million Prompting Speculation on Potential 11 Price Increase

Amidst a struggling broader market, Toncoin (TON) stands out with its strong performance, currently priced at $7.83. It has surged by 5.11% in the last 24 hours, 3.94% over the week, and an impressive 15% for the month. With a market cap of $19 billion, TON holds the ninth position among leading cryptocurrencies on CoinMarketCap.

TON Sets Record TVL
The TON blockchain recently reached a new milestone with a Total Value Locked (TVL) exceeding $600 million, as per DefiLlama. The network’s TVL soared to $609.78 million on Monday, a significant jump from $300 million just three weeks ago. This growth was fueled by major gains in prominent protocols like DeDust, a decentralized exchange on TON, which witnessed a 53% surge to nearly $300 million in TVL. Smaller protocols such as bemo, Stakee, and EVAA also saw double-digit growth in the past week.

Partnerhips Boost TON’s Success
The integration of Telegram with the TON blockchain has been instrumental in driving its adoption. With over 900 million users worldwide, Telegram has popularized play-to-earn mini-games like Notcoin and Yescoin, enriching TON’s ecosystem. Additionally, Telegram introduced Telegram Stars, a digital mini-app payment system offering developers lower promotion fees compared to traditional platforms.

The positive sentiment surrounding TON has been reinforced by recent developments and strategic partnerships. Pantera Capital’s investment in TON, highlighting its close relationship with Telegram, and collaboration with USDT issuer Tether have instilled confidence in the blockchain’s future. Despite facing cybersecurity challenges, with reports of scammers exploiting Toncoin for fraudulent activities, TON continues to show promise.

Is it Time to Invest?
Technical analysis suggests that TON’s stock is on an upward trend. The recent increase of 0.23% to $7.83 indicates Toncoin’s resilience in the market. The record TVL value reflects TON’s growth potential, with a potential ATH between $8.80 and $9.50. Analysts like Ali Martinez predict a 40% breakout to $11, although the TD Sequential indicator hints at possible short-term dips to $7.2 for liquidity gathering.

Tags: Altcoins