July14 , 2024

Toncoin (TON) Approaches a New All-Time High Amid NOTcoin Surge

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Toncoin (TON) is one of the few altcoins demonstrating bullish momentum in the current market landscape. Investors are showing confidence, which could drive an upward trend. Toncoin (TON) and Notcoin (NOT) are making significant up moves in the cryptocurrency market, demonstrating impressive price actions and capturing investor interest. 

Toncoin, the native cryptocurrency of The Open Network (TON), is gaining traction due to its robust blockchain solutions integrated with Telegram, fostering a bullish sentiment among investors. Simultaneously, Notcoin, a play-to-earn cryptocurrency also associated with Telegram Messenger, has experienced a notable price surge, reaching a new all-time high. This growth is driven by its engaging game mechanics and recent updates that have boosted user participation and trading volumes.

Toncoin Holders Are Likely to Maintain Their Positions

Toncoin is making repeated attempts to break through a key resistance level, having tried and failed nearly five times this month. The potential for a successful breakout is supported by bullish investor behavior, with many choosing to hold onto their assets rather than sell for immediate profits.

This trend is evident in the active deposits metric, which tracks unique deposits made by an address on exchanges. An increase in active deposits typically indicates potential selling pressure and a bearish market outlook.

Currently, active deposits for TON have reached a two-month low, suggesting that investors are holding onto their coins in anticipation of future growth.

This positive sentiment is further reinforced by a shift in supply from short-term to mid-term holders. Short-term holders, who typically hold assets for less than a month, have reduced their dominance over the circulating supply. Instead, mid-term holders, who keep their assets for one month to a year, have increased their holdings.

Approximately 7% of the total circulating supply of TON has transitioned to mid-term holders, who now control 50% of the TON supply, equivalent to 5.2 million TON valued at $33.8 million. This shift in holding patterns indicates a more stable and potentially bullish market sentiment for Toncoin.

TON Price Outlook

The last significant price movement for TON/USDT saw it break through the $6.5 barrier on Gate.io, reaching a peak of $7. Although it failed to maintain a close above $6.5, this level remains a critical resistance and support zone for TON.

Currently, Toncoin’s price is approaching this crucial resistance level once again. If investor support continues, TON could establish $6.5 as a solid support floor.

However, failure to breach this resistance could result in Toncoin’s price falling back to $6.0. Losing this support level might lead to a further decline to $5.4, thereby negating the bullish outlook.

What is Toncoin and Its Purpose?

Toncoin (TON) is the native cryptocurrency of The Open Network (TON), a decentralized blockchain project initially developed by the team behind Telegram, one of the most popular messaging platforms globally. The Open Network aims to provide fast, secure, and scalable blockchain solutions. With its unique architecture and design, TON seeks to address some of the key limitations of existing blockchain platforms, such as slow transaction speeds, high fees, and limited scalability.

Toncoin serves multiple purposes within the TON ecosystem. Primarily, it functions as the medium of exchange for transactions within the network. Users can pay transaction fees, execute smart contracts, and participate in various decentralized applications (dApps) using Toncoin. Additionally, Toncoin is used for staking purposes, allowing holders to participate in the network’s consensus mechanism and earn rewards in return. This staking process helps secure the network and maintain its decentralized nature.

Beyond its utility within the TON ecosystem, Toncoin also plays a crucial role in fostering the growth and development of the network. It incentivizes developers to build on the platform by providing them with the necessary resources and tools. The TON Foundation, which oversees the development and promotion of the network, often allocates Toncoins to support new projects, encouraging innovation and the creation of diverse applications that can benefit the entire ecosystem. By facilitating seamless, low-cost transactions and enabling a wide range of applications, Toncoin aims to become a cornerstone of the decentralized web, promoting broader adoption of blockchain technology in everyday life.

The goals that the network sets for itself are quite hard to achieve, provided how the market is ruled by Ethereum and other legacy chains. However, a close connection to Telegram and its extremely large userbase, may help TON network to offer real use cases to the community, which in turn should push the token value up. 

Telegram Ecosystem Welcomes NOTcoin

Notcoin (NOT), a play-to-earn cryptocurrency integrated with Telegram Messenger, has seen a remarkable price surge, reaching a new all-time high of $0.01244 before settling at $0.01199 price per NOT. This 35% increase from the previous day and a 129% rise from the last week reflect significant trading volume. Notcoin’s popularity is driven by its engaging Telegram-based game, where users earn NOT tokens by clicking on a gold coin, completing quests, and using boosts. The recent introduction of “earning missions” has further fueled interest and contributed to the price increase.