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Home Altcoins

TON’s road to $10 – Toncoin holders should hope these updates pan out

May 25, 2024
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TON’s road to $10 – Toncoin holders should hope these updates pan out
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  • Failure of TON holders to exit the market at $6.39 could spur a hike to $7.50
  • Network activity dropped, but external developments pointed to possible double-digit gains

21% of Toncoin’s [TON] holders are sitting at the same price where they purchased the token, indicating that they are at make or mark point right now. Additionally, further assessment of IntoTheBlock’s data revealed that 29% of all holders have accumulated TON over the last 30 days.

This ratio was more than those who bought the cryptocurrency one year ago. In the last 30 days, TON’s price has risen by 22.09%, meaning that some addresses that bought the token recently are now in profit.

However, the last seven days have not been palatable for Toncoin. This, because the price dropped by 1.91%. In light of the token’s performance this year, holders at the breakeven point might decide not to sell though.

The reason is that a chunk of them might be part of the 29% who purchased the token over the past month. Especially since as AMBCrypto has preciously reported, TON’s price has been on a good run this year.

TON holders hold support at breakeven of $6.39

Source: IntoTheBlock

Things are working in TON’s favor

As such, it is expected that the price could rise higher on the charts. With this forecast, it is possible that the $6.39-level, which was Toncoin’s price at press time, could act as support for the token.

If this is the case, and bears fail to neutralize the defense, TON could hike to $7.50. However, AMBCrypto is not the only party expecting this move.

Shiveen Moodley, a tokenomics researcher, also shared this projection. For Moodley, the focus was on the long-term prospect of the project using TON’s performance against other top cryptocurrencies.

Toncoin shows how the price has performed better than other cryptos

Source: CryptoQuant

His opinion and the aforementioned aligned with AMBCrypto’s report about Toncoin’s correlation with Bitcoin [BTC] and Ethereum [ETH].

See also  This crypto is set to surpass Shiba Inu (SHIB) in 2024

Will the price hit $10?

According to him, Toncoin’s supply, active userbase, and links with Telegram could help the token hit more upside. He noted in his analysis via CryptoQuant that,

“Currently, with a supply of 5 billion coins and an inflation rate of 2 percent, leading to an estimated 10 billion coins in 35 years steady price increases are likely in the long run.”

On 23 May, Telegram disclosed that it would release a digital currency for payments on its platform. Considering the social media platform’s links with Toncoin, there are speculations that the token might be involved.

If so, activity on the network, as well as demand for the token, might skyrocket. Should this be the case, it might only take a short period for TON to hit $10.

However, data from Santiment showed that activity on the Toncoin network had instead fallen. At press time, the 24-hour active addresses were down to 356 too.

Toncoin network activity falls but price might increase

Source: Santiment


Is your portfolio green? Check the Toncoin Profit Calculator


This was around the same spot the metric was at before the price ran to $7.45 in May. While the token might not replicate the same move, a hike in network activity could set the stage for TON’s rally.

Before that, however, the price might swing between $5.90 and $6.40 on the charts.

Next: Ethereum’s dev roadmap – Here’s what’s coming for the network next

READ ALSO

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Toncoin heats up: What does $398M in trading volume indicate?

  • Failure of TON holders to exit the market at $6.39 could spur a hike to $7.50
  • Network activity dropped, but external developments pointed to possible double-digit gains

21% of Toncoin’s [TON] holders are sitting at the same price where they purchased the token, indicating that they are at make or mark point right now. Additionally, further assessment of IntoTheBlock’s data revealed that 29% of all holders have accumulated TON over the last 30 days.

See also  DOGE gearing up for a rally? Answering the how, when and why

This ratio was more than those who bought the cryptocurrency one year ago. In the last 30 days, TON’s price has risen by 22.09%, meaning that some addresses that bought the token recently are now in profit.

However, the last seven days have not been palatable for Toncoin. This, because the price dropped by 1.91%. In light of the token’s performance this year, holders at the breakeven point might decide not to sell though.

The reason is that a chunk of them might be part of the 29% who purchased the token over the past month. Especially since as AMBCrypto has preciously reported, TON’s price has been on a good run this year.

TON holders hold support at breakeven of $6.39

Source: IntoTheBlock

Things are working in TON’s favor

As such, it is expected that the price could rise higher on the charts. With this forecast, it is possible that the $6.39-level, which was Toncoin’s price at press time, could act as support for the token.

If this is the case, and bears fail to neutralize the defense, TON could hike to $7.50. However, AMBCrypto is not the only party expecting this move.

Shiveen Moodley, a tokenomics researcher, also shared this projection. For Moodley, the focus was on the long-term prospect of the project using TON’s performance against other top cryptocurrencies.

Toncoin shows how the price has performed better than other cryptos

Source: CryptoQuant

His opinion and the aforementioned aligned with AMBCrypto’s report about Toncoin’s correlation with Bitcoin [BTC] and Ethereum [ETH].

Will the price hit $10?

According to him, Toncoin’s supply, active userbase, and links with Telegram could help the token hit more upside. He noted in his analysis via CryptoQuant that,

“Currently, with a supply of 5 billion coins and an inflation rate of 2 percent, leading to an estimated 10 billion coins in 35 years steady price increases are likely in the long run.”

On 23 May, Telegram disclosed that it would release a digital currency for payments on its platform. Considering the social media platform’s links with Toncoin, there are speculations that the token might be involved.

See also  GMX has Arbitrum on lockdown amid intense competition

If so, activity on the network, as well as demand for the token, might skyrocket. Should this be the case, it might only take a short period for TON to hit $10.

However, data from Santiment showed that activity on the Toncoin network had instead fallen. At press time, the 24-hour active addresses were down to 356 too.

Toncoin network activity falls but price might increase

Source: Santiment


Is your portfolio green? Check the Toncoin Profit Calculator


This was around the same spot the metric was at before the price ran to $7.45 in May. While the token might not replicate the same move, a hike in network activity could set the stage for TON’s rally.

Before that, however, the price might swing between $5.90 and $6.40 on the charts.

Next: Ethereum’s dev roadmap – Here’s what’s coming for the network next
Tags: HoldersHopepanRoadToncoinTonsupdates

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Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

October 28, 2023
Tezos 2023 Outlook: An Overview of Tezos (XTZ)

Tezos 2023 Outlook: An Overview of Tezos (XTZ)

November 2, 2023
UK risks regulating NFTs the wrong way, says Mintable CEO

UK risks regulating NFTs the wrong way, says Mintable CEO

October 30, 2023
Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

August 3, 2024
Ethereum crosses $3.2K as L2 crosses new milestone: What now?

Ethereum crosses $3.2K as L2 crosses new milestone: What now?

May 6, 2024

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EDITOR'S PICK

Trump NFTs trading volume spike following DeSantis endorsement of Trump’s re-election moves

Trump NFTs trading volume spike following DeSantis endorsement of Trump’s re-election moves

January 23, 2024
Base hits new milestones: Key observations of the Ethereum L2 shows…

Base hits new milestones: Key observations of the Ethereum L2 shows…

September 3, 2024
Trust Wallet Partners with GoMining to Introduce the NFT Collection Trust Box

Trust Wallet Partners with GoMining to Introduce the NFT Collection Trust Box

April 24, 2024
OpenSea Aims to Make NFT Purchases as Easy as Buying on Amazon

OpenSea Aims to Make NFT Purchases as Easy as Buying on Amazon

March 29, 2024

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