Toncoin Eyes Double-Digit Valuation Amid Surging Activity and High User Base


In a week punctuated by the volatility of the global cryptocurrency market, The Open Network’s native token, Toncoin (TON), has seen a 12% slide from its recent zenith of $7.76. This dip mirrors the broader economic turbulence experienced on the back of Bitcoin’s (BTC) wavering performance.

Nonetheless, TON appears to weather the storm rather well as enthusiastic cryptocurrency watchers speculate a promising turnaround, fostering the possibility of a rebound that might push its value beyond its highest recorded level and into the double-digit arena.

Follow us on Google News! ✔️

Delphi Digital, a pioneering crypto analysis firm, made an interesting point of observation, underscoring how the daily active addresses of Toncoin have surpassed those of Ethereum (ETH) – a significant first. The swell in activity is simple mathematics – it stems from the enormous user base of Telegram – a whopping 900 million strong social media platform that powers TON. Delphi Digital is of the view that Telegram’s robust distribution capabilities could greatly aid TON’s future prospects.

A crypto and decentralized finance (DeFi) analyst known popularly as “Crypto King”, ventured out on social media suggesting crypto novices to try their hand at TON, lauding further the seamless and user-centric blockchain infrastructure of the platform. Not losing sight of the reputability of TON’s developers, the wind beneath the wings of Telegram, Crypto King seems convinced that TON could see an imminent price surge, potentially hitting as high as $10 soon.

Another crypto expert, Alex Clay, echoes this sentiment, opining that in spite of the recent downturn in the market, TON retains its bullish composition and is well-positioned to make substantial gains. Clay detects a promising trajectory for TON, alluding to a short-term target push to $10, with potential stretches to $10.5 and $11.6.

Token Terminal data examination reveals signs of increase in TON’s fully diluted market cap by 3.6% over the last 30 days, a notable statistic for the platform’s blockchain. Contrastingly though, token trade volume has seen a small decline by 11.6% within the same duration. That said, on the sunny side, token holder figures exhibit a substantial 76.3% surge. Revenue and fees too experienced a 26% hike each in the past 30 days.

Most significantly though, a dramatic rise in the active user base was noted, seeing a whopping 245.1% leap on TON’s network, bringing the average number of monthly active users to an appreciable 5.42 million.

However, despite the positive strides made in these areas over the past 30 days, Toncoin’s price saw a modest decrease of 3% within the same timeframe, with it currently trading at $6.82. In this context, bullish investors will be keeping a keen eye on the closest support level of $6.80, an effective safety net preventing the token from dipping too deep into the red. Meanwhile, the closest resistance level stands at $7.53, the final frontier before a potential run at Toncoin’s highest recorded value.