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Toncoin Total Value Locked (TVL) has surged from $24 Million to $154 million within the period of a month.
Toncoin is the native token for the The Open Network, supported by various network contributors, including the nonprofit TON Foundation. Telegram was initially the developer of TON but ended its involvement in 2020 after a court order by the SEC. Since 2020, the protocol has been developed by independent contributors. The protocol uses the proof of stake mechanism for the scalability and security of the network. The sharding infrastructure of the network makes it more desirable to use for payment methods.
Toncoin has a security score of 92.34 and is ranked among the 10th percentile as per the audit done by Certik. Let’s have a look at the network activity of the protocol.
The Exponential Growth of TON TVL
The protocol has 307 validators present in 29 countries. Toncoin has raised over $1.71 Billion from their investors from its ICO and other private investors. It has a TVL of $159.26 Million, which has surged from the lows of $22 Million. Meanwhile, the overall core developers for the protocol have remained fairly constant at around 8.
Toncoin has seen a decline in the transactions and storage fees users paid daily, reaching 11487. Meanwhile, the overall TON burn has also slowed down after reaching the high of 27484 TON per day. The Toncoins minted per day have been increasing steadily and have reached 52962.
The smart contract interacting with the protocol has surged exponentially and reached 15,481,005. Meanwhile, the on-chain activated wallets are surging, but their activation is on a decline. The number of daily active wallets on Toncoin is constant and is near 148,341. However, the number of TON in the liquid staking protocol observed a continuous rise and reached 47,521,541.
TON has seen a surge in NFT minting and reached the highs of 3,243,087, while the number of DNS sold has also increased. The number of ETH transferred from TON to the Ethereum protocol has increased significantly. The protocol’s overall volume, including the derivatives, has been on the rise. Many analysts predict a strong protocol growth in the upcoming years.
Where Will the TON Downtrend End?
Is The BullISH Trend Over For The TON Price? by Ritika_TCR on TradingView.com
Toncoin has a market cap of $19 billion and is ranked 9th as per its market cap. The overall volume of the token has seen a surge of 19% in the intraday session. TON is trading near the value of $5.73, dropping 7% in the past 24 hours. The volume-to-market cap ratio of the asset price suggests the continuation of the trend.
TON is seeing strong bearish engulfing candles in the daily chart. The downside trend of the asset price can see a halt near $5. Meanwhile, the resistance of the price can be seen near $6.5. It is trading above the 50 and 100 EMA, but if it breaches below it, then a downside trend till $3.5 can be seen.
The RSI of the asset price is near 47 with a negative slope, hinting towards a bearish trend. Meanwhile, the MACD also suggests a bearish momentum in the price in the future.
Conclusion
Toncoin has been seeing strong network activity with an increase in active users. The NFT minted and DNS sold on the platform have also seen new highs. TON is currently observing a bearish trend but may see a reversal soon in the future.
Disclaimer
The views and opinions stated by the author or any other person in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
