Leading Telegram crypto Toncoin has over 90m users, with 2,400% growth in 10 months. But will TON price break above $8 and break past ATH?
Tonchain is known best because of its association with Telegram, one of the world’s largest messaging apps.
Telegram has been instrumental in the growth of the public ledger. As of mid-October, Toncoin is a top-10 blockchain by market cap.
What’s more? TON is one of the leading performers, even outperforming Solana and the resurgent TRX over the past year.
Number Of TON Holders Exceed 90 Million, Up 2,400% In 10 Months
As Toncoin
Price
Trading volume in 24h
Last 7d price movement
grows in prominence, its user base also continues to expand.
The latest on-chain data reveals that there are nearly 90 million TON holders.
(Source)
Since the start of the year, the number of TON holders has expanded by a massive 24X or 2,400%.
The user base is a critical metric for gauging how well a public ledger is being received.
The more users there are, the more active it is, and thus, the native currency, in this case, TON, could reap huge benefits as a result.
In the case of Toncoin, the TON listings played a role.
As price data shows, TON soared by over 10X after listing on Binance, Kucoin, and other top crypto exchanges.
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Hamster Kombat, Gaming Success: Will TON Register New 2024 Highs?
However, a big part was the integration of Telegram and the subsequent success of the tap-to-earn game Hamster Kombat, which drove activity.
Beyond Hamster Kombat, other successes exist, including Notcoin and numerous other gaming apps.
With this welcomed expansion, Toncoin is emerging as a player in the blockchain gaming sphere, gnawing Tron’s market share.
Interestingly, Tron is becoming more of a stablecoin settlement layer, looking at its dominant market share in USDT transfers. At the same time, the success of SunPump has propelled TRX prices and Tron to become a stiff competitor of Solana.
(Source)
In the coming sessions, how will TON perform on the general market competitor? After the Hamster Kombat airdrop and drop in interest, other projects like Dogs are filling in the gap and driving activity.
Overall, investors are upbeat, expecting TON to float higher.
The listing of Toncoin as one of the crypto assets Grayscale considers including in its investment products is a massive endorsement.
Assets under consideration: $AERO $AKT $APT $AR $ARB $ATOM $CELO $CORE $DOGE $ENA $FET $HNT $ICP $IMX $INJ $JUP* $KAS $MNT* $METIS $NEON* $OM $ONDO* $OP $PENDLE $POL $PYTH $RUNE $SEI $STRK $TIA $TON $TRX $UMA $VET $WLD
*Assets not included in our Crypto Sectors as of 9.30.2024
— Grayscale (@Grayscale) October 11, 2024
Tokens like Bittensor‘s TAO and numerous other assets have already been listed. Moments after the creation of its trust or fund, prices rally.
If TON is supported, the coin’s probability of printing fresh 2024 highs above $8 will be high.
(TONUSDT)
For now, TON has primary support at $4.5, but the coin is down 36% from June highs. A bounce is possible if buyers reject further losses.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
