According to CryptoPotato, The Open Network and its native asset, Toncoin (TON), have seen significant growth among investors this year, despite the current market downturn. In the past month, TON has surged by approximately 23%, aiming to reclaim its recent peak above $8. This momentum has drawn the attention of large-scale investors, known as whales.
Crypto analyst Ali Martinez shared data indicating that these whales collectively added over 45 million TON in the past week alone, valued at around $346 million. This trend suggests increased optimism among the token’s investors, even as the broader market movement remained dull. TON is currently the eighth-largest crypto asset by market cap, surpassing Dogecoin. The rally was driven by increased network activity, significant adoption, and the introduction of several Play-to-Earn games on Telegram.
The Open Network protocol’s total value locked (TVL) exceeded $700 million on June 30th, thanks to blockchain-powered gaming such as Notcoin, Hamster Kombat, and Yescoin. These games have slowly become a crucial part of the TON ecosystem, attracting those seeking to earn extra income. Following an audit, Kazakhstan’s Financial Services and Regulatory Committee (AFSA) approved TON for trading on regulated exchanges, confirming that the token met the necessary listing criteria.
One key factor contributing to TON's resilience amid the downturn is its integration with Telegram, leveraging the social messaging app’s infrastructure and user base. However, this association also has its drawbacks. SlowMist founder Yu Xian recently highlighted the increasing phishing attacks on The Open Network, primarily propagated through group chats. Scammers use deceptive tactics such as fake airdrops to breach users’ TON wallets and steal assets.
