TLDR:
Toncoin price nears $5 support break, eyeing potential $6 recovery
Stablecoin supply on TON Blockchain surged 13x since April
TON’s total value locked (TVL) increased 26% over the past month
Number of Toncoin holders crossed 100 million milestone
Toncoin adoption has exploded 2,225% since start of 2024
The TON network, home to the Toncoin cryptocurrency, has experienced growth in adoption and stablecoin supply in recent months.
This surge in network activity comes against the backdrop of broader market trends and events surrounding key figures associated with the project.
According to data from Messari, the stablecoin supply on the TON Blockchain has increased by 25% since the arrest of Telegram founder Pavel Durov, with an overall surge of 13 times since April.
Following the turbulence surrounding Pavel, @ton_blockchain is showing signs of life.
Stablecoin supply is up 25% since the arrest, bringing the total increase to 13X since April.
If you squint, the situation has parallels to FTX. pic.twitter.com/NCtS0zqCgY
— Nick Garcia (@NickDGarcia) October 8, 2024
This growth in stablecoin supply often indicates increased liquidity and network usage, which can potentially boost demand for Toncoin as a utility token for transaction fees and staking.
The network’s total value locked (TVL) has also seen a notable increase, rising from $317.2 million to $402 million over the past month, reflecting a 26% growth.
This uptick in TVL suggests that more investors are locking their assets into the TON network and participating in decentralized finance (DeFi) protocols.
In terms of user adoption, on-chain data reveals that the number of Toncoin holders has crossed the 100 million milestone. At the start of 2024, there were around 4.3 million unique addresses on the network holding some balance. This number has grown beyond 100 million, representing a staggering 2,225% increase in less than a year.
The growth in adoption has been attributed in part to the launch of major Telegram gaming tokens on the TON network, such as Hamster Kombat.
This integration with the popular messaging platform Telegram appears to be onboarding millions of users into the cryptocurrency ecosystem.
Despite these positive developments in network growth and adoption, the price of Toncoin has faced downward pressure in line with broader market trends.
During a recent U.S. trading session, Toncoin price recorded a 1.5% intraday loss, nearing a $5 support break. The price action has been influenced by a downsloping trendline that has been intact since July 2024, signaling continued selling pressure.
The current price of Toncoin stands at approximately $5.19, reflecting the recent market downturn that affected much of the cryptocurrency sector at the start of October. The price movement has been further impacted by global events, with a sharp reversal from $6.06 to $5.06 coinciding with ongoing geopolitical tensions.
Looking ahead, market analysts suggest that if selling pressure persists, the Toncoin price could potentially drop to $4.5, with further downside risks leading to a decline toward $3.3.
However, a bullish breakout from the overhead trendline could signal a recovery trend, potentially driving a rally past the $6 swing high to target the $7.2 resistance level.
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