The Telegram social media platform is emerging as a significant player in the web3 sphere through The Open Network (TON). Recently, Toncoin (TON) has made significant strides by surpassing both Cardano (ADA) and Dogecoin (DOGE), the beloved meme coin, in terms of market share and daily average trading volume.
Toncoin’s market cap has soared to approximately $24.45 billion, setting it apart from its competitors with a notable difference of roughly $4 billion compared to Ripple-backed XRP. Despite this achievement, Dogecoin maintains its strong following with an impressive 7.3 million non-zero addresses and a daily average trading volume of around $3.76 billion, significantly higher than Toncoin’s daily average trading volume of about $690 million.
The Toncoin ecosystem has been growing like wildfire, fueled by the hundreds of millions of Telegram’s daily active users. As of this report, the Toncoin network had a total value locked (TVL) of about $156 million, having already raised over $1.7 billion from key investors like DWF Labs.
The Toncoin network is committed to democratizing smart contracts through its decentralized financial (DeFi) platforms. Moreover, the Toncoin network is continually supporting web3 developers to build Dapps relatable to daily users.
Did You Know? Toncoin (TON) Price Soars To New All-Time High! Here’s What’s Next
With a fully diluted valuation reaching an impressive $35 billion, Toncoin recently achieved an all-time high (ATH) of around $7.6. As it continues its journey in the price discovery phase, analysts anticipate further gains in the weeks and months ahead. Bolstered by heightened demand from institutional investors and the growing Telegram crypto community, Toncoin’s ecosystem is poised for sustained growth.
Future Growth Incoming?
Technical indicators paint a bullish picture for Toncoin, with the weekly Relative Strength Index (RSI) against the US dollar consistently above the 70 level. From an Elliott wave principle perspective, Toncoin’s price trajectory on the weekly time frame indicates it is in the third wave, a phase typically characterized by extended rallies, signaling a rise soon!
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