TON Blockchain has received increasing market attention in the recent few months.
Native token Toncoin exhibits a daily increase of 4.7% in price.
The Open Network (TON) blockchain has become one of the most trending networks in the market, as reported by market analysts. The Telegram-linked blockchain sets a new record by hitting a transfer volume of approximately $10 billion — 10% of Bitcoin’s transfer volume ($50 billion). Amid this bullish talk, the price of the native token TON has risen 4% in the last 24 hours.
With the blockchain’s launch only two years ago, the transaction growth is noteworthy.
According to Crypto Quant data, the blockchain has recorded a transfer volume ranging between $5 billion to $10 billion approximately.
Notably, the number of TON holders has also surged significantly. Over the past year, the token holders count has surged 1003%, from 2.9 million to 32 million. Similarly, the token TON registered a 118% increase within the same timeframe. This increased rate has surpassed even that of the largest cryptocurrency Bitcoin (BTC).
Moreover, the TON blockchain has included $69.07 million in transactions greater than $100K within the past week. Additionally, the TON ecosystem exhibited a surge in TVL at the beginning of May. Currently, it holds a TVL of approximately $620 million.
Will Toncoin (TON) Hit New Highs in Market Price?
Toncoin, over the past month, has shown a notable price increase of 13.43%. It has climbed from a price of $6.527 to . At the time of writing, TON was trading at $7.24, with a daily increase of 4.96% according to CMC data.
The token has experienced a recent dip in the past week, declining in price by 3.48%. However, in the last 24 hours, the token has shown signs of price recovery as indicated by the aforementioned daily increase.
According to analysts, Toncoin is expected to experience bullish runs this year. TheNewsCrypto analysts have predicted a bullish price of $11.19 for 2024.
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