Toncoin Price Falling Despite Boost

NAIROBI (Coinchapter.com) – Toncoin’s price continues to fall this week, despite an announcement that Bitfinex will integrate Tether (USDt) deposits and withdrawals on the Toncoin (TON) network. However, the fact that this strategic partnership comes amid a price plunge for the TON blockchain’s native cryptocurrency has many asking why?

The integration of Tether, the largest stablecoin by market capitalization, onto the TON network signifies the platform’s scalability and efficiency. With Bitfinex now enabling seamless USDt transfers on TON, traders and investors can expect enhanced liquidity and faster transaction times. This will potentially revitalize the adoption of Toncoin.

According to his recent social media post, pseudonymous trader Loma has his sights set on accumulating TON, the native cryptocurrency of the Toncoin layer-1 blockchain project, around the $5 price range.

Loma’s post on X

With a following of 303,000 on platform X (formerly Twitter), Loma’s insights carry considerable weight in the crypto community. His strategy involves building a position in TON while closely monitoring market dynamics.

“I think a lot of coins look like this for what it’s worth, pick your poison. I don’t think it makes a lot of sense to be hyper-bearish at higher time frame market structure pivots,”

Toncoin (TON) Price Performance and Key Metrics

According to data from CoinGecko, Toncoin’s price keeps falling, plummeting by 3.13% over the past 24 hours as of April 30, 2024. The coin is currently trading at $5.30, a concerning development for investors and the broader TON ecosystem.

TON/USD price chart. Source: CoinMarketCap

Toncoin has an impressive market capitalization of over $18 billion, securing the #10 spot among all cryptocurrencies, and a circulating supply of 3.47 billion. Despite this, Toncoin’s recent price action has raised eyebrows within the crypto community.

TON’s on-chain metrics remain strong, with $170.49 million locked in decentralized exchanges (DEXs). However, the recent price drop raises questions about its short-term future. Influential traders like Loma were previously bullish, aiming to buy TON around $5.

TON TVL chart. Source: DefiLlama

Notably, the number of on-chain activated wallets for TON has reached 3,511,881, reflecting increasing adoption and user engagement within the network. These metrics underline TON’s growing presence and potential for future growth within the cryptocurrency landscape.

Additionally, TON’s ecosystem is gaining traction, with key metrics highlighting its growth. The total value locked (TVL) in TON-based decentralized exchanges (DEXs) stands at $170.49 million, with a 24-hour volume of $137. Furthermore, TON’s market capitalization currently stands at $18.574 billion, with a fully diluted valuation of $27.31 billion.

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