2024 has been a banner year for Toncoin (TON), the native cryptocurrency of The Open Network (TON). In mid-June, TON shattered its previous records, reaching an all-time high (ATH) that fueled a surge across the entire TON ecosystem.
TON currently trades at $7.44, boasting a healthy $18.64 billion market cap. Recent whale activity paints a bullish picture. Large investor transactions skyrocketed nearly 1,000% at the end of last week, surpassing $4 million. This strong support is further bolstered by data from IntoTheBlock, which reveals a shift from short-term holders (holding less than a month) to mid-term holders (holding 1 month to 1 year). This trend suggests less inclination to sell during market fluctuations.
Community & Utility Drive Growth
Toncoin’s impressive rise can be attributed to several factors. A strong and engaged community has been instrumental. This translates to robust trading activity, with TON perpetual contract open interest hitting record highs according to crypto analytics firm Kaiko. Notably, funding rates have remained balanced between positive and negative, indicating healthy participation from both bullish and bearish traders.
Unlike some cryptocurrencies that rely solely on hype, Toncoin boasts real-world utility. Even during market downturns, tokens with strong use cases tend to fare better. Toncoin stands out in this regard, recently surpassing Dogecoin in market cap. Its thriving gaming ecosystem, fueled by tokens like Notcoin, exemplifies its practical applications. Notcoin, launched just two months ago, already boasts a market cap of $1.657 billion.
Looking Ahead
The next key hurdle for TON is surpassing the $7.53 resistance level. If successfully flipped into support, it could replicate the momentum that propelled it to its $8.26 ATH in June. With a dedicated community, strong utility, and a booming ecosystem, Toncoin appears well-positioned to continue its impressive 2024 run.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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