By
Godfrey Benjamin
May 20th, 2024
Telegram-backed Toncoin (TON) has been the best-performing top-ten crypto project in the past few weeks.
Toncoin (TON), the native cryptocurrency for The Open Network blockchain that is backed by the Telegram social network, spiked as much as 14 percent in the past 24 hours to trade around $6.9 on Friday during the mid-London session. The Toncoin (TON) project has grown to a top-tier layer one (L1) blockchain, with more than $259 million in total value locked (TVL).
Remarkably, the Toncoin project has managed to outshine some veteran Web3 chains like Cardano (ADA), Tron (TRX), and Avalanche (AVAX), among others. As of this writing, Toncoin had a fully diluted valuation of about $35 billion and a daily average traded volume of around $672 million.
Toncoin Growth Backed by the Telegram Platform
As Coinspeaker had previously pointed out, the Toncoin economy is heavily anchored in the Telegram social networking platform. With Telegram having nearly 200 million daily active users (DAU), the Toncoin ecosystem is well-positioned to grow rapidly in the confirmed crypto bull market.
For instance, the Telegram-based community token, Notcoin (NOT), which enables seamless onboarding of users to the web3 ecosystem via a tap-to-earn mining mechanism, has received tremendous support and adoption. On Thursday, leading cryptocurrency exchange Binance Holdings Ltd announced that its users can begin farming the NOT meme coin on May 13 through staking BNB and FDUSD into separate pools.
Binance announced that Notcoin will be the 54th project on the Binance Launchpool, with trading set to begin on May 16. The trading of NOT tokens will be facilitated by Bitcoin, Tether USDT, BNB, and FDUSD.
The listing of NOT tokens on Binance follows similar decisions by other top-tier crypto exchanges such as Bybit, and OKX.
The Toncoin ecosystem consists of a vibrant web3 ecosystem of more than 700 applications including wallets, and exchanges to facilitate seamless crypto adoption. As a result, the Toncoin network has amassed more than 17.9 million addresses since inception led by those from the Jetton wallet.
The Toncoin network offers passive income through staking, whereby around 549 million TON coins have been staked to date.
TON Price Action and Midterm Targets
Toncoin price has heavily leveraged the notable altcoin speculation amid the confirmed crypto bull market. Earlier last month, TON price reached an all-time high (ATH) of about $7.63, following a successful bullish breakout at the beginning of this year.
If TON’s bullish momentum continues in the coming weeks, the altcoin will inevitably print a new ATH soon. Moreover, the altcoin has gained more than 29 percent in the last week despite Bitcoin and Ethereum prices lacking in bullish momentum.
With the TON price against the US dollar on the daily chart having rebounded on the 50 SMA and 50 RSI, there is a high chance of a bullish continuation. From a technical standpoint, the TON price could easily reach the next liquidity range between $9.6 and $12.6, which coincides with the 1.618 and 2.618 daily Fibonacci Retracement.