Toncoin, from the TON network, has captured the attention of the cryptocurrency community as its Total Value Locked (TVL) surpasses a staggering $148 million, marking a historic milestone. This rapid increase, reported by DefiLlama, shows a nearly threefold increase in just one month and a staggering tenfold increase over the course of a year. As of the last update, TON’s TVL sits firmly at just over $146 million, underscoring its growing prominence in the decentralized finance (DeFi) landscape.
Unprecedented growth and leading projects
Within the TON ecosystem, notable performers in TVL include Tonstakers liquid staking protocol and decentralized exchange STON.fi. Together, these projects have a combined total locked-up asset value of more than $283 million.
Toncoin is rising as market dynamics change
Amid the flurry of activity, Toncoin is emerging as the darling of the crypto market, experiencing a remarkable increase in value. The past month has Tonmint has skyrocketed by more than 60%, pushing it to new record highs several times in April. Currently, Toncoin’s price is trading around $6.25 and its rise shows no signs of slowing down.
TON price action in the last month. Source: Coingecko
Speculation and partnership buzz
Toncoin’s rise is fueled by rumors circulating within the crypto community about a possible collaboration between the TON Society developer community and HumanCode, an AI development company. While details remain scarce, speculation is rife, with many anticipating a major announcement that could further push Toncoin’s price higher.
Gm 💎
Who’s ready for the big announcement?! pic.twitter.com/1i3dBKVYkG
— TON 💎 (@ton_blockchain) April 18, 2024
Toncoin overtakes Cardano in terms of market capitalization
Meanwhile, Toncoin has surpassed Cardano (ADA) in market capitalization, firmly establishing itself as a force to be reckoned with in the crypto market. Immediately Market capitalization With a value of over $22 billion, Toncoin now occupies the coveted 8th position, relegating Cardano to 11th.
TON market cap currently at $24 billion. Chart: TradingView.com
Market analysis and price consolidation
Despite its meteoric rise, Toncoin is currently in a period of consolidation, with traders and analysts keeping a close eye on key price levels and volume dynamics. With the cryptocurrency hovering between $6.50 and $6.75, both bulls and bears are ready for possible shifts in market sentiment. Crypto trader Paxton emphasizes the importance of volume in determining Toncoin’s trajectory and urges caution amid the market’s ebbs and flows.
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As the TON Network continues to defy expectations and Toncoin reaches unprecedented heights, all eyes remain on this thriving ecosystem. With its innovative projects, strategic partnerships and rising value, TON is poised to reshape the future of decentralized finance and redefine the possibilities of the crypto market.
Featured image from Amazon, chart from TradingView
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