Toncoin (TON) has shown strong performance this week while Bitcoin and most other altcoins have pulled back. Ton remains close to its all-time high, with a market cap of over $17.6 billion, making it the 9th largest cryptocurrency in the world.
Created by Telegram, Toncoin has been one of the standout altcoins in the market, surging more than 600% from its lowest point in 2023. Its popularity among users and developers has been a key driver of this growth. Data from DeFi Llama indicates that the network has attracted 16 DeFi developers, resulting in a total value locked (TVL) of over $850 million. Notable players in the ecosystem include Tonstakers, DeDust, and Bemo.
Toncoin has also gained traction in the tap-to-earn industry, as seen in Notcoin’s success. Notcoin has amassed over 30 million users, with its market cap surpassing $1.8 billion. TapSwap has emerged as a significant component of the Toncoin and Telegram ecosystem, boasting over 49 million users globally and more than 18 million daily users who have made over 1.8 trillion touches since its launch.
The number of active Toncoin wallets has seen a significant surge in recent months, reaching over 8.07 million, a drastic increase from the approximately 1.28 million wallets at the start of the year.
In terms of price analysis, TON token has been on a strong bull run, positioning it as a major player in the crypto industry. It has found support at the 50-day Exponential Moving Average (EMA) and the Ichimoku cloud indicator. However, there is a risk as the price forms a triple-top chart pattern, which is typically bearish. Confirmation of further upside will be seen if the price surpasses the all-time high of $7.87, potentially paving the way for TON to rise to $10.