As a seasoned researcher who has witnessed the ebb and flow of numerous digital assets over the years, I’ve learned to appreciate the resilience and adaptability that defines the crypto market. The recent dip in Toncoin (TON) price might seem disheartening at first glance, but it’s essential to delve deeper into the underlying fundamentals.
The price of Toncoin (TON) has started to decrease slightly following several weeks of positive market trends. This decline can be attributed to increased selling pressure that’s affecting various digital currencies. After a notable rise, the market is currently undergoing a correction. However, it’s worth noting that the user base for the Ton network has experienced impressive growth recently.
Toncoin Price Fluctuates Amid 100 Million Holders
The value of Toncoin is significantly affected as The Open Network (TON) achieves having 100 million unique wallets with a non-zero balance. This milestone signifies substantial growth from the 4.3 million wallets reported at the beginning of the year, demonstrating increased adoption and network activity.
$TON Holder Count reaches 100 million
As I look back at the start of this year, I remember we were barely 4.3 million strong in our crypto community. Yet, here we stand today, a testament to the incredible growth of TON. This underscores the massive expansion it has experienced.
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— CryptoQuant.com (@cryptoquant_com) October 8, 2024
The significant increase in users suggests that TON is rapidly gaining popularity, especially over the past few months. The addition of popular gaming tokens from Telegram like Hamster Kombat to the platform has played a key role in this growth spurt.
independent of individual opinions about TON being a cryptocurrency or network, it’s undeniable that TON is bringing millions of Telegram users into the world of cryptocurrencies. This significant growth is greatly enlarging the international community involved in cryptocurrencies.
Can Toncoin Price Rebound To ATH?
Today, the value of TON has dropped by 1.41%, now standing at $5.21. This telegram-linked cryptocurrency’s price over the past 24 hours has varied between $5.15 and $5.31, mirroring the volatility in the wider digital currency market.
On June 15, 2024, Toncoin peaked at $8.24, but has since dropped by 36.76%. Despite this decline, it’s important to note that it is still way above its record low of $0.3906, set on September 20, 2021. This means Toncoin has experienced a remarkable increase of around 1,233.24% since then.
The cryptocurrency based on Layer 1 is experiencing a significant adjustment, hinting at the possible start of a descending pattern. The overall market mood indicates fragility, which might boost the ongoing decrease. Nevertheless, if the bullish forces grow stronger, TON‘s price could overcome the $6 barrier. If this trend persists, it could push the price closer to its peak value of $8.24.
In simpler terms, when the Moving Average Convergence Divergence (MACD) indicator crosses over its own signal line, it suggests a possible change in direction from bearish to bullish. Yet, the MACD chart still hovers around a neutral state, suggesting that while there might be a potential reversal, the market hasn’t yet developed significant bullish energy.
Following surpassing 100 million users, Toncoin’s price experiences a dip, yet its expanding user community might offer a foundation for recuperation. If positive sentiment resurfaces, the price could bounce back, potentially aiming to break its previous peak in the upcoming months.
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2024-10-08 20:48