Key Insights
- Toncoin has been on a massive surge since June and is now the 10th largest cryptocurrency by market cap.
- The TON Foundation has teamed up with Telegram to introduce the TON wallet, which will be available to Telegram’s 800 million users.
- Toncoin’s market cap has exploded from $1.8 billion to nearly $10 billion in the past few months.
- Toncoin has the potential to overtake Dogecoin and Cardano to become the 6th largest cryptocurrency by market cap.
The crypto market appears to be in the middle of a rebound and correction, and one cryptocurrency in particular, is leading the charge.
Toncoin.
After starting to rally last week for “seemingly no reason”, Toncoin took the market by storm, rising in price and market cap, and even overtaking other cryptocurrencies like Tron and Litecoin to become the 10th largest cryptocurrency by market cap.
As illustrated above, Toncoin’s market cap has been in a massive surge since June and is now sitting at a whopping $8.2 billion, after starting the year at a mere $2.8 billion.
Let’s go over Toncoin’s market success, and what made this “random” cryptocurrency suddenly become insanely bullish.
Why Did Toncoin’s Price Nearly Doubled This Year?
As promised in 2022, the social messaging platform, Telegram’s integration with blockchain technology has now become possible.
The TON Foundation announced on a Twitter thread, that it has now teamed up with Telegram to introduce the TON wallet.
The TON wallet is a TON Network-based crypto wallet that offers both custodial and self-custodial options to telegram users looking to hold their crypto someplace safe.
What’s more, this wallet will allow for seamless user onboarding within Telegram Mini-Apps and will make it instantly available to Telegram’s enormous 800 million user base.
Needless to say, 800 million new users of the TON network (and therefore $TON) was more than enough of a catalyst to send the cryptocurrency’s price skyrocketing.
In essence, everyday Telegram users will be able to conveniently store, send, and receive $TON within the chat platform.
And now, the TON network has managed to pull in hundreds of millions of new users almost overnight.
This may be “the greatest Web3 mass adoption” the sector has seen to date, according to the TON Foundation.
Toncoin’s Amazing Growth
Interestingly enough, the $TON token’s market cap simply exploded from $1.8 billion, (ranked somewhere around the #30th largest by market cap) In June this year, to where it now sits at nearly 10 billion (ranked 10th by market cap).
Toncoin has also nearly doubled in price this year, rallying from about $1.96 to where it now sits at about $2.20.
The interesting part of this is that the cryptocurrency made the most of its YTD gains in less than a month.
According to data from TradingView and CoinMarketCap, the price of TON has increased by more than +80% versus the dollar in the past month alone since the first integration announcement hit the internet.
And if the cryptocurrency continues to rally at this pace, TON may be poised to give others like Cardano and Dogecoin a run for their money.
To further illustrate this, the snapshot above shows the prices and market caps of all three.
Notice anything interesting?
The market caps of Dogecoin ($8.57B) and Cardano ($8.58B) are incredibly close to that of TON ($7.54B), increasing the likelihood of the latter overtaking both, and becoming the 6th largest cryptocurrency by market cap.
What’s So Special About This TON + Telegram Merge?
The TON network is quickly becoming one of the most popular blockchains. This is due to the idea that millions of new users have now been onboarded onto the network with the latest merger.
But how do these two help each other out?
To begin with, the TON network is designed to be fast, scalable, and secure. It is still under development but achieved a record TPS speed of 55,000 TPS during a contest in September 2021 (even though the real number could be hundreds of thousands or even millions of transactions per second).
This means that TON can potentially handle the weight of Telegram, without straining.
Telegram will also have the ability to become an all-in-one marketplace, where individuals can exchange goods and services, and pay right there on the Telegram app.
In all, $TON has nowhere else to go but up, and has interesting long-term potential.
Here’s Why TON May Not Be Done With Its Bullish Rally
In the charts, we can see that TON reversed course, after being stopped out at $2.6.
TON has been largely bullish since early August and has more than doubled in price from around $1 or thereabout.
At this point, “maybe” a healthy price correction from $2.31 may not be too much, because in the crypto market: “no asset goes up forever”.
The RSI is also showing overbought conditions, leading to the possibility of a price correction to lower levels. This is without mentioning that the latest candle on the chart is a red one and further points towards a correction from the $2.6 zone.
TON’s rejection from $2.6 now leaves the $2 zone as the nearest viable support.
This means that a price decline from here can be expected as a worst-case scenario, followed by a possible consolidation between $2.6 and $2, as the bulls and bears battle for whether TON breaks $2 and declines further, or breaks through and above $3.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
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