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Toncoin whales have just started buying this coin; Is $10 next?
Toncoin (TON) is in the spotlight as the coin faces an intense embrace from market whales. On-chain metrics presented by cryptocurrency analytics platform Santiment suggested that whales purchased over 45 million Toncoin last week. These 45 million TON are worth around $346.5 million at the current market price.
Whales bought more than 45 million #Toncoin $TON last week, worth about $346.5 million! foto.twitter.com/P3UKHHjHcU
-Ali (@ali_charts) June 30, 2024
Toncoin’s metrics and attractiveness
The odds, according to many analysts, are in Toncoin’s favor at the moment. The protocol recently hit $700 million in Total Blocked Amount
(TVL), a milestone that suggested the coin could reclaim the all-time high of $8.24 (ATH).
Toncoin remained an outlier in the market, outperforming the Bitcoin (BTC) and Ethereum (ETH) duo over the past month. While Bitcoin fell by 9% in the period, Toncoin jumped over $16.46. As a top-performing altcoin, TON solidified its position as the 8th largest coin in the market.
Toncoin’s appeal has also earned it approval from the Astana Financial Services Authority (AFSA). The regulatory body has officially approved Toncoin for negotiation in Kazakhstan. Although Kazakhstan is not a large crypto market compared to the United States, the approval underscores TON’s global appeal.
Toncoin is also thriving when it comes to projects launched on its mainnet. The digital currency ecosystem, with its links to the social messaging platform Telegram, has placed the project on a different pedestal. In recent months, Toncoin has seen the emergence of projects like Notcoin (NOT) and Hamster Fighting
.
These projects have been labeled as Play-2-Earn (P2E) games with massive uptake in a spillover push from the Telegram audience. With Hamster Kombat boasting over 200 million, Toncoin emerges as the biggest beneficiary.
Is the $10 TON price target ahead?
Despite the huge rise the altcoin has seen in recent months, analysts are optimistic that the best is yet to come. In alignment with similar trends from Ethereum, BNB Chain and Solana, the Toncoin ecosystem is growing at a very fast pace.
With more innovative projects coming online and the demand for TON growing, chances are that Toncoin will see even more growth. If TON surpasses its previous ATH, there could be a quick rally towards the $10 price mark in the long run.
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