The altcoin industry has continued to bleed into the Bitcoin market again, as shown by the rising BTC dominance to nearly 60 percent. Toncoin (TON), the native coin for the Telegram-backed top-tier layer one (L1), has been bleeding profusely to Bitcoin for the past six months.
The large-cap altcoin, with a fully diluted valuation of about $25 billion and a 24-hour average trading volume of around $164 million, has been trapped in a correction mode against the U.S. dollar since early 2024.
As a result, the short-term outlook for the TON price remains bearish unless a sudden rebound happens.
The Toncoin ecosystem has seen slower growth, especially in terms of cash inflows from whale investors. Market data from Santiment shows that investors holding between 10 and 10,000 TON coins have sold more than 890,000 TON tokens since mid-2024, following the arrest of Telegram’s founder, pavel durov
Despite support from the Toncoin Foundation, the DeFi sector on the TON network has struggled to gain significant traction. Inal Kardan, a partner at TON Ventures, pointed out that the ecosystem has not gained the expected momentum.
However, Kardan is hopeful, stating that memecoins on the TON network could see a surge in demand in the near future, providing a potential boost to the ecosystem.
Backed by Telegram, which has nearly 1 billion monthly active users, the TON ecosystem has gradually grown into a vibrant DeFi ecosystem. As of this writing, the TON ecosystem had a total value locked of about $272 million and a stablecoins market cap of around $1.4 billion, according to Defillama.
In a bid to stir up the DeFi growth prospect, the TON core developers recently released a detailed roadmap for the first half of 2025. The Accelerator kernel update on the mainnet is a huge deal for the TON network in the coming months. In addition to the support of a secure bridge to the Bitcoin ecosystem, the TON core developers are keen to enable a scalable DeFi ecosystem.
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