TON Blockchain has garnered significant attention from the market in recent months, with its native token Toncoin exhibiting a daily price increase of 4.7%. The Open Network (TON) blockchain, which is associated with Telegram, has emerged as one of the most popular networks in the market, reaching a transfer volume of around $10 billion. This represents 10% of Bitcoin’s transfer volume, which stands at $50 billion. In light of this positive sentiment, the price of the TON token has risen by 4% within the past 24 hours.
It is worth noting that the blockchain was launched just two years ago, making its transaction growth all the more impressive. According to data from Crypto Quant, the blockchain has recorded transfer volumes ranging between $5 billion and $10 billion.
In addition to the surge in transfer volume, the number of TON token holders has also increased significantly. Over the past year, the number of token holders has skyrocketed by 1003%, rising from 2.9 million to 32 million. Similarly, the TON token itself has experienced a 118% increase in value during the same period. This growth rate surpasses even that of Bitcoin, the largest cryptocurrency in the market.
Furthermore, the TON blockchain has witnessed a total transaction value of $69.07 million for transactions exceeding $100,000 in the past week. Additionally, the TON ecosystem has seen a rise in Total Value Locked (TVL) since the beginning of May, currently standing at approximately $620 million.
Looking at the market price of Toncoin, it has displayed a notable increase of 13.43% over the past month. Starting from a price of $6.527, it has climbed to its current trading price of $7.24, reflecting a daily increase of 4.96% according to data from CoinMarketCap.
Although the token experienced a slight decline in the past week, dropping by 3.48%, it has shown signs of price recovery within the last 24 hours, as indicated by the aforementioned daily increase.
Analysts predict that Toncoin will witness bullish runs throughout this year. TheNewsCrypto analysts have forecasted a bullish price target of $11.19 for the token by 2024.
In other news, the Ethereum market has seen a $2 billion drop in Open Interest (OI) amidst a surge in price.