The Toncoin price saw a slight uptick on Monday morning, rising by 1.19% from a 24-hour low of $4.67 to a peak of $4.90 in the past day. This increase followed the remarkable growth of Toncoin’s [TON] USDT stablecoin, which surpassed the $1 billion mark after experiencing a +670% rise over six months.
A recent analysis from CryptoQuant indicates that the TON network has echoed the broader expansion of the global stablecoin market. These stablecoins, like Tether’s USDT, USDC, DAI, and First Digital USD (FDUSD), are now widely accepted for international transactions and personal payments worldwide.
670% Increase in 6 Months: USDT on the TON Network Surpasses $1 Billion!
“In May 2024, the $TON blockchain held only $130 million worth of USDT, but over six months, this amount surged by 670% to reach $1.02 billion.” – By @burak_kesmeci
Link 👇https://t.co/inwMcs3Tq4 pic.twitter.com/UnOk3QNFAI
— CryptoQuant.com (@cryptoquant_com) November 2, 2024
Countries like South Korea have also started utilizing stablecoins. Reports state that 10% of all commercial transactions in South Korea are being executed with USDT.
Nevertheless, thanks to its low transaction fees and rapid processing speed, the TON blockchain has become a competitive option for stablecoins. This has increased over 6.7 times in its holdings, from $130 million USDT in May 2024 to $1.02 billion by late October.
Read more: Toncoin Price Forms Rare Pattern Amid Weak On-Chain Metrics
“This rapid increase indicates a growing preference for TON among users, establishing it as a notable player in the stablecoin ecosystem,” the report states.
Notably, the average transaction fee on TON was $0.061 as of June 2024 but decreased to $0.035 as of October.
Toncoin price prediction
The Toncoin price has consistently increased throughout 2024, achieving a growth rate of 113.59%. This surge follows the successful launches of Telegram games such as Notcoin (NOT), DOGS (DOGS), Catizen (CATI), and Hamster Kombat (HMSTR), which have generated a robust on-chain community, attracting new investments and active participants.
Although it has increased slightly by 1.19% in the last 24 hours, Toncoin’s price is currently $4.82. Should the current optimism within the ecosystem and the ongoing bull market persist, it might exceed its previous all-time high and reach $20.
Toncoin (TON) Yearly Price Chart | CoinMarketCap
Meanwhile, reaching the $20 level would represent an additional gain of over 100% from the last all-time high recorded on June 15, 2024, when it peaked at $8.24 for the first time. Since that peak, it has decreased by approximately 41.22%.
The current Toncoin (TON) market sentiment is bearish, with 22 technical indicators pointing towards downward trends and only 6 showing signs of bullish trends. Nonetheless, significant price increases are anticipated in the upcoming weeks and months.
The projected 200-day SMA is expected to rise to $6.70 by December 4, 2024, while the 50-day SMA is estimated to reach $7.78 by the same date.
Read more: TON Price Prediction for October 2024: Could Toncoin Overtake Solana?
