One of the hottest altcoins, Toncoin soaring to an all-time high of about $8.10 as it also surpasses other coins in terms of daily transactions.
Toncoin (TON) has achieved a new All-Time-High (ATH) due to a surge in price, which was effectively initiated by an increase in network activity. The bullish sentiment was affirmed earlier this week, and the unique community engagement on The Open Network (TON) has previously suggested a potential ATH push.
Twice in June, Toncoin was brought to ATH
TON became the ninth-largest cryptocurrency by market capitalization in the first week of June, surpassing Cardano (ADA). Cardano’s valuation is $16.21 billion, while this is $16.30 billion. It is a safe bet that this altcoin has consistently defied market trends, particularly in light of the current significant decline in the price of Bitcoin (BTC) to $67,000.
A few hours ago, the price of Toncoin retested $7.78, a benchmark it achieved when it reached an all-time high on June 5, 2024. The surge in investor interest and the general market sentiment at the time were among the factors that contributed to the previous high.
Per CoinMarketCap data, Toncoin has recently retested a new all-time high of $8.10, following a 7.40% increase in the past 24 hours. More than 21,000 accounts containing TON have been sent into profit at this all-time high.
It is important to note that The Open Network, which enables Toncoin, has been utilized by numerous projects to facilitate their incubation before their public release. Two of the most recent launches on the platform are Hamster Kombat and Notcoin (NOT). Additional Telegram-based activities and tokens, such as Yescoin and Tapswap, are anticipated to be integrated into The Open Network (TON) over time.
Toncoin’s price is currently in price discovery mode and can increase to $10 in the short to long term.
The daily transactions of Toncoin surpass those of Ethereum
Telegram became the most sought-after space for crypto initiatives immediately after it was discovered. Its extensive social community has facilitated this enhanced engagement within the social media platform. Most developers and founders perpetually exploit this community to initiate their blockchain initiatives. Toncoin is presently acknowledged as the primary beneficiary of this demand.
Toncoin is still significantly behind specific crypto protocols; however, it has surpassed others in daily transactions. According to the data revealed by Unchained on X, TON’s daily transactions are higher than Ethereum’s despite its apparent size.
“TON’s daily active addresses have surpassed Ethereum’s figures every day except for one thus far in June, even though they are behind Solana.” Unchained wrote, “Some believe that TON could narrow the gap in market capitalization with Solana.”
Like Toncoin, its close associate, Notcoin is functioning exceptionally, and analysts suspect that its successful integration with Telegram’s extensive user base may have played a significant role in its ongoing reality. Its daily transaction volumes increased by more than 185% last week, surpassing $4.6 billion. NOT is currently trading at $0.02076, representing a 19.75% increase in the current market.