Toncoin is still way behind some crypto protocols but it has also surpassed others in terms of daily transactions.
An increase in network activity has successfully triggered a surge in the price of Toncoin (TON), causing the altcoin to reach a new All-Time-High (ATH). Before now, the unique community engagement on The Open Network (TON) has hinted at a likely ATH push with the bullish sentiment confirmed earlier this week.
Toncoin Soared To ATH Twice in June
In the first week of June, TON witnessed a momentum that propelled it ahead of Cardano (ADA), making it the 9th largest cryptocurrency by market cap. While its valuation comes in at $16.30 billion, that of Cardano is pegged at $16.21 billion. It is safe to say that this altcoin has consistently defiled market trends especially with the price of Bitcoin (BTC) currently dropping significantly down to $67,000.
About a few hours ago, Toncoin price retested $7.78, a level that it attained when it hit an ATH around June 5, 2024. This previous high was attributed to a number of factors including the overall market sentiment at the time and the surge in investor interest.
At the time of this writing, Toncoin has now retested a new all-time high of $8.10 after soaring by 7.40% in the past 24 hours per data from CoinMarketCap. At this all-time high, more than 21,000 wallets holding TON have now been sent into profit.
Noteworthy, several projects have leveraged The Open Network, which powers Toncoin for their incubation just before opening to the public. Notcoin (NOT) and Hamster Kombat are two of the most recent launches on the platform. With time, more Telegram-based games and tokens are expected to come onboard The Open Network (TON) including Tapswap and Yescoin.
With Toncoin now in price discovery mode, its price could soar to $10 in the short to long term.
Toncoin Outperforms ETH’s Daily Transactions
As soon as it was discovered, Telegram became the most sought-after space for crypto projects. Its large social community has contributed to this increased engagement within the social media platform. Most developers and founders are constantly taking advantage of this community to launch their blockchain initiatives. At the center of this demand is Toncoin, currently recognized as the biggest beneficiary.
Toncoin is still way behind some crypto protocols but it has also surpassed others in terms of daily transactions. As large as Ethereum seems, TON’s daily transactions are higher, per insights provided by the data shared by Unchained on X.
“While lagging behind Solana, TON’s daily active addresses have exceeded Ethereum’s figures every day except for one thus far in June. Some believe TON could close the distance in market cap with Solana,” Unchained wrote.
Just like Toncoin, its close associate, Notcoin is performing exceptionally and analysts believe that its successful integration with Telegram’s extensive user base may have played a prominent role in its ongoing reality. Last week, its daily transaction volumes soared over 185% to move past $4.6 billion. In today’s market, NOT has registered a 19.75% increase and is trading at $0.02076.
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