Toncoin (TON) leads the pack in blockchain advancements, with a remarkable 40.9% surge in value during the second quarter of 2024, as per CryptoRank’s data.
TON’s exceptional growth has positioned it as a leader in the field, surpassing both Kaspa and Everscale, with growth rates of 36.6% and 33.9%, respectively. This significant surge has propelled The Open Network (TON) into the spotlight, establishing it as one of the most talked-about blockchain projects of 2024. TON’s rise to fame has notably shone in the world of decentralized Click-to-Earn games.
TON’s usage has expanded beyond just gaming and trading. This is evident in the recent partnership between Tether and Uquid. This joint effort now allows individuals in the Philippines to utilize USDT on the TON blockchain for paying into their social security contributions, effectively integrating cryptocurrency into government functions.
Industry experts’ interest in Toncoin (TON)
The rise in blockchain adoption has drawn the interest of industry experts. The CEO and Founder of Because Bitcoin, Max, has shown a strong interest in TON, likening its potential to that of Solana in past market cycles. He pointed out Telegram’s extensive user base of over 900 million monthly active users as a possible driver for widespread crypto acceptance.
Meanwhile, TON’s recent price movement has been notably remarkable. The cryptocurrency soared to a record peak of $8.25 on June 15, 2024. Despite a minor setback of 5%, it demonstrates resilience on both weekly and monthly charts. Analyst Ali foresees a potential 12% upsurge, projecting a climb to $9 following a breakout from an ascending triangle formation.
Moreover, large investors, known as “whales,” are reflecting a positive outlook that aligns with general market sentiment. Recent data from Santiment indicates a significant rise in the number of wallets holding between 10,000 and 100,000 TON tokens, totalling over 150 wallets.
They have collectively acquired around 45 million tokens, valued at approximately $346 million. However, the accumulation by these major investors points towards a strong confidence in the future potential of the asset.
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