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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Toncoin (TON) Leads Top Gainers In Last 7 Days

Kent Tenix
Kent Tenix
1 year ago
3 mins read
TON

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The Open Network has enjoyed massive media recognition in the last few weeks, resulting in impressive gains. The blockchain’s native token, TON, is currently among the top cryptos leading the market in weekly gains. As of the time of writing, TON’s price was $1.74, a 0.31% decline on the day. However, its weekly rise was 2%. 

Toncoin’s media attraction came with the launch of Telegram’s unique username auction feature. In addition, this saw the launch of their marketplace, Fragment, where these usernames can be auctioned. Furthermore, the TON blockchain secured a massive investment deal with DWF Labs in the past few days. All these, together, resulted in the token’s rise this past week.

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Toncoin Hopes To Get $10 Million From DWF Labs – Can the Deal Take TON To The Moon?

In a recent announcement, DWF Labs, a famous market maker, has inked a new partnership with the Ton blockchain. This partnership will see the blockchain receive $10 million in investment and other technical and market-making support. The collaboration will also see the market maker helping TON get listed on other exchanges. As of writing, TON is only listed in a handful of exchanges, including Kucoin, Huobi Global, and OKX, among others. It’s yet to be listed on top exchanges like Binance.

It is unclear whether DWF Labs can help TON reach new highs. But it certainly seems that they have an interest in doing so. With the news, TON’S price rose by 4.2%, reaching $1.74 at press time. However, it has shed some gains, mainly due to the overall bearish trend across all cryptocurrencies.

The cryptocurrency market is still reeling from the recent drop in prices thanks to the FTX implosion. As investors are bearish and weary, there is no telling how much more the crypto market could fall. However, positive news like this might contribute to getting the market back on track.

TONUSD
TON’s price currently stands at $1.42. | Source: TONUSD price chart from TradingView.com

Traders Aren’t Bullish On Toncoin 

The CoinMarketCap community has voted that Toncoin may decline by January 2023. Approximately 142 users voted that Toncoin would trade at an average of $1.487 at the start of next year. The votes were compiled using the Price Estimates tool on the CoinMarketCap website. This is a 12% drop from the token’s current market price at press time. 

But looking at the Toncoin’s price chart and recent developments, it seems unlikely that the token will drop that much. Earlier this month, the number of new accounts and wallet holders increased. Specifically, over the past week, there has been a 5% growth in the number of wallets holding TON. 

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As of November 15, there were 2,829 unique wallet addresses. However, it had a considerable increase starting on the 17th and continued through today, the 22nd, adding 147 new addresses. The blockchain also recorded a 2.3% increase in new accounts. Specifically, the number of new accounts created from November 13-20 grew from 1,423,525 to 1,456,235.

Featured image from Pixabay and chart from TradingView.com
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Kent Tenix
Kent Tenix

Kent Tenix

Kent is a talented freelance writer and journalist who creates insightful and thought-provoking content. With over 5 years of experience, she has honed her skills and established herself as an expert in her field. Kent is especially passionate about in-depth reporting and investigative journalism. She thoroughly researches every topic and story she covers to provide readers with comprehensive information and perceptive analysis. Whether she's reporting on crypto, business, technology, or finance, Kent prioritizes accuracy, nuance, and integrity. Her goal with every piece is to inform readers and inspire meaningful conversations and positive change. Kent enjoys traveling, photography, and spending time with her family when she's not tirelessly conducting interviews or poring over data. She hopes to continue using her writing to enlighten and engage audiences on issues that matter.

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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