$TON on Thursday topped the gainers list, climbing nearly 3.7% according to data by CoinMarketCap. The rise in the price came as TON Blockchain hit a very important milestone, reaching $500 million in Total Value Locked (TVL). The current price rise also came as the entire crypto market was experiencing dampened trading with BTC and ETH both trading down.
TON Coin’s TVL Hits Half A Billion
The TON Blockchain on Thursday announced that its TVL hit $500 million worth of assets. In just three months, the amount of assets locked on the network has increased from $22.9 million to over $500 million since March.
A growth rate of 2,000% like this one is an idea of how much investor confidence the ecosystem currently possesses. It symbolizes that the TON ecosystem is currently being perceived as a progressively developed and reliable blockchain and token. This increase in TVL is a significant step forward for the project and validates TON’s intention to launch several strategic activities aimed at enhancing network functionality and increasing user involvement.
In the cryptocurrency space, total value locked (TVL) is a metric used to calculate the total dollar value in US Dollars of digital assets that are staked, or locked, on a certain blockchain network through the usage of decentralized finance (DeFi) platforms or decentralized apps (dApps).
Following a recent price surge, $TON has surpassed Cardano (ADA) and Shiba Inu (SHIB) to become the ninth-largest cryptocurrency project by market capitalization. The circulating supply of TON is currently valued at $18.8 billion, according to CoinMarketCap data, surpassing the values of ADA ($15.1 billion) and SHIB ($12.5 billion), which are ranked 10th and 11th, respectively.
Will TON Keep Rising in the Future?
The current estimate for the price of Toncoin states that by July 13, 2024, it will have increased by 229.37% to reach $ 24.57. Technical indicators reveal that the mood for the coin is bullish right now, and the Fear & Greed Index is at 70 (Greed).
Over the previous 30 days, Toncoin had 13/30 (43%) green days and 5.60% price volatility. The anticipated yearly low price of Toncoin for 2025 is $ 7.46, based on the market’s past price patterns. It is also anticipated that Toncoin’s price will rise to as much as $35.40 in the upcoming year.
With 27 technical analysis indicators indicating optimistic signals and 2 indicating bearish signals, the overall sentiment regarding the price prognosis of Toncoin is bullish.
