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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets
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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

TON Blockchain’s TVL Skyrockets 100% In Record Time, Analysts Bullish On Next Price Targets

Ronaldo Marquez
Ronaldo Marquez
1 year ago
3 mins read
TON

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Toncoin, the native cryptocurrency of The Open Network (TON) blockchain, has recently experienced notable price appreciation and rapid growth in its ecosystem. After a period of consolidation between $1 and $2 since 2022, TON’s price has surged to reach a record high of $8.25 on June 15. 

This achievement is accompanied by a significant increase in the TON blockchain’s Total Value Locked (TVL), doubling from $300 million.

TON Blockchain’s TVL Hits $600 Million

According to technical analyst Kyle Doops, the TON blockchain’s TVL has experienced an unprecedented surge, reaching $608.65 million and doubling its value within three weeks. 

For Doops, this increase can be attributed to TON’s integration with Telegram, leveraging its broad consumer base of over 900 million users. Furthermore, protocols such as DeDust, bemo, and Stakee have seen significant increases in their TVL, contributing to the growth of the TON ecosystem.

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As reported by NewsBTC, Telegram introduced a new advertising feature allowing users to promote their channels through ad placements. To facilitate fast and secure ad payments and withdrawals, Telegram CEO Pavel Durov has exclusively chosen the TON blockchain. 

Pavel explained that users can now purchase ad space with Toncoins, and revenue generated from ads will be shared with channel owners in Toncoin. According to the social media platform’s CEO, this approach creates a “virtuous cycle,” allowing content creators to reinvest revenue into channel promotion and upgrades.

In addition, daily active wallets on the TON network have reached over 388,000, with monthly active wallets surpassing 5.5 million. Crypto researcher Leon Waidmann notes that TON’s increase in active wallets surpasses even Coinbase’s Layer 2 (L2) BASE, setting a new standard for growth and adoption in the crypto industry.

TON
TON’s active wallets. Source: Leon Waidmann

Analyst Forecasts 40% Potential Breakout For Toncoin

Although TON has experienced a slight decline of 1.2% over the past 24 hours, trading volume has increased by 22%, indicating strong investor interest in the token, according to CoinGecko data. 

Despite short-term corrections, TON has shown significant gains over various time frames, with increases of 11%, 18%, and 22% over the past seven, fourteen, and thirty days, respectively.

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In a bullish projection for the Toncoin price, crypto analyst Ali Martinez suggests that TON may be gearing up for a potential 40% breakout, targeting a price of $11. 

Nevertheless, the analyst added that the TD Sequential indicator suggests a potential dip to $7.2 to gather liquidity before an upside move. In the near term, key support levels include $7.78, which has prevented a deeper retracement for the token and the $8.17 resistance.

TON
The daily chart shows TON’s sustained price increase since February 2024. Source: TONUSD on TradingView.com

Featured image from DALL-E, chart from TradingView.com

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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