Toncoin's Surging Bull Run: Key Indicators Point to Continued Growth

June 13, 2024 at 04:04 AM GST updated: June 13, 2024 at 03:45 AM 2 mins read News

Toncoin surged 600% from 2023 lows, driven by rising user and developer adoption.
Despite market downturns, Toncoin nears its peak, with a market cap over $17.6 billion, ranking ninth globally.
Active Toncoin wallets soared to 8.07 million, signaling robust user engagement and investor interest.

Advancing towards the median line of Andrew’s pitchfork tool, a key technical indicator, Toncoin’s (TON) trajectory reflects bullish sentiment among investors.

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This ascent has not been isolated; amidst a broader retreat by Bitcoin and many other altcoins, Toncoin has stood firm, hovering close to its historical peak. This resilience has bolstered its market cap to over $17.6 billion, securing its place as the ninth-largest cryptocurrency globally.

Toncoin has emerged as a standout performer, recording a remarkable gain of more than 600% from its 2023 low. The token’s surge can be attributed to its growing adoption among users and developers alike. Notably, the network has attracted 16 DeFi developers, contributing to a total value locked (TVL) exceeding $850 million. Within the ecosystem, Tonstakers, DeDust, and Bemo are among the prominent entities driving its robust growth.

Moreover, Toncoin has found significant traction in the tap-to-earn sector, mirroring the success of platforms like Notcoin, which boasts over 30 million users and a market capitalization exceeding $1.8 billion. TapSwap, integral to Toncoin’s ecosystem, has also emerged as a major player, amassing a user base of 49 million globally. Its upcoming airdrop is poised to further engage users by facilitating token conversion into fiat currency.

On-chain data reveals a dramatic increase in active Toncoin wallets, surging to over 8.07 million from 1.28 million at the start of the year. Amidst this bullish trend, technical analyses indicate that Toncoin’s robust support levels at the 50-day EM) and the Ichimoku cloud further reinforce its bullish outlook.