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TON ecosystem’s TVL hits $600m, despite Toncoin’s price dip to $7, sparking future optimism.
On June 17, 2024, the TON ecosystem achieved a significant milestone by reaching a $600 million in total value locked (TVL).This growth helped the blockchain register a 130% growth in just under a month. The crypto community is of the opinion that the network’s growth and current appeal is largely driven by the success of its mini apps.
However, despite this noteworthy development, Toncoin’s price nosedived on Tuesday. It fell by almost 10%, bottoming at $7. This happens to be its lowest level since June 12. As a result, Toncoin has slipped by more than 15% from its highest point.
Nevertheless, Toncoin enthusiasts believe that the setback is temporary and anticipate that positive movements are in store for the ecosystem and the coin.
Analysts are also of the opinion that the growing TVL and the upcoming launch of TapSwap, the popular Telegram tap-to-earn platform could catapult Toncoin to new heights.
TapSwap is a Tap-2-Earn Telegram mini app with over 26 million social media followers. The developers of TapSwap stated that they had chose Toncoin for its speed and low transaction costs.
🚀 @tapswapai, the Tap-2-Earn Telegram Mini App with 26M+ social media followers, will launch on #TON!Launched on Feb 15, 2024, it has seen massive growth. Users earn in-game tokens by tapping and completing missions and tasks. Today, the app boasts over 50M users worldwide and… pic.twitter.com/DJiZi39wDd
— TON 💎 (@ton_blockchain) June 18, 2024
Another interesting project that has launched on the TON blockchain is Simple-Ton, a new project that aims for an explosive run on the ecosystem. Simple-Ton Coin, inspired by the beloved SpongeBob universe, leverages the Jetton Smart Contract to bring an engaging experience to its community.
In their commitment to transparency and security, the Simple-Ton team has used two methods to ensure the integrity of Simple-Ton Coin. The first is Renounced Ownership. The contract ownership has been fully renounced, which means no single entity can control or alter the contract.
Second, the team has burned the liquidity pool to eliminate the risk of rug pulls and provide the community with a secure trading environment.
Hello @ton_blockchain $TON https://t.co/EADl2iT1O1
— Simple Ton Coin (@simpletoncoin) June 17, 2024
Simple-Ton’s current appeal and growth is comparable to another top memecoin on the TON blockchain – Resistance Dog (REDO). With a market cap of $109.76m and 24-trading volume of $5.74m, REDO has grown dramatically over the past week, securing its place in the portfolios of both newcomers and veteran investors.
With its current approach and robust security measures, Simple-Ton is moving in a similar direction, aiming for substantial growth. However, it remains to be seen what the future holds for this project.
Read more: Here’s why Toncoin price is outperforming rivals
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