On A Tear: Toncoin Outshines Bitcoin With Price Surge And Social Buzz

Christian Encila

1 year ago

3 mins read

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Though the market has been erratic lately, Toncoin (TONNE), the native token of the Telegram-connected Open Network, has beaten Bitcoin (BTC). TON rose around 20%; Bitcoin dropped 3% throughout the past week. This surprising outperformance in the realm of cryptocurrencies has ignited a frenzied speculative frenzy. Is this just a transitory blip or will TON’s quick climb continue?

Social Buzz Fuels The Toncoin Engine

TON’s recent success seems mostly related to a rise in social media involvement. Comparatively to last week, social volume—a statistic tracking conversations and mentions on sites like Twitter and Telegram—has surged by over 20%. This points to an increasing curiosity in TON, maybe drawing fresh capital and raising the value.

📉 With #bearish sentiment high, #crypto markets have continued to slip over the past week. Overall, the market has dropped -3.6%, and volume is -27% lower than the previous week. $TON, $KAS, $RUNE, and $AKT have kept traders hopeful. https://t.co/E6b2DtmAxI pic.twitter.com/VoiCJk1ymh

— Santiment (@santimentfeed) May 13, 2024

Investor Sentiment: A Mixed Bag For TON

On closer inspection, though, one finds a possible flaw in this hopeful view. Although general opinion of TON has been good, it has lately veered into unfavourable ground. Given some people’s concerns regarding the sustainability of the present price surge, this could indicate mounting investor unease.

Bitcoin is now trading at $62.009. Chart: TradingView

Accumulation Signals: Are Investors Betting Big On Toncoin?

Some measurements, on the other hand, suggest possible long-term optimism. An indication of how long tokens have been held, the mean dollar invested age has been progressively rising. This implies, maybe with an eye towards future gains, investors are clinging to their TON.

Furthermore low is the dormant circulation, which stands for tokens not transferred in a while. Although a past surge matched a price top, the current steadiness might point to a more planned accumulation by investors.

TON price action in the last seven days. Source: Coingecko

Technical Analysis: Eyes On The Prize For Toncoin

About TON, technical analysts—who use past data and price charts to forecast future movements—are similarly wary but quite hopeful. Popular technical technique Fibonacci retracing levels point to the recent downturn maybe nearing its end. With possible profit-taking prospects for investors, this might open the path for TON to ascend towards targets close to $10.

A Marathon, Not A Sprint

Although the current increase in price and social media chatter present a good picture for TON, it is important to keep in mind that the bitcoin market is still somewhat erratic.

Driven by increasing usage and a vibrant ecosystem inside the Telegram network, the present increase for TON might be the start of a long-term climb. This could, however, possibly be only a transient movement preceded by a correction.

Featured image from Medjan, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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