Toncoin hits record high daily active addresses, but is TON a ‘bubble’?

TON

As a seasoned researcher with over two decades of experience in the cryptosphere, I’ve seen my fair share of market trends and blockchain developments. The recent surge in TON Masterchain activities has left me quite optimistic about its future prospects. The network’s growth, as evidenced by the 7x increase in daily active addresses since July 2021, is nothing short of remarkable.

On platform X (previously known as Twitter), it was pointed out by Kyledoops that the number of daily active addresses on the TON Masterchain has reached an all-time high of 946, marking a significant 7-fold increase since July 2021.

As a seasoned cryptocurrency investor with over a decade of experience under my belt, I have witnessed numerous digital currencies rise and fall. However, the recent growth of Toncoin [TON] has caught my attention. This surge in network activity, the explosion of dApps and work chains, and the potential for increased demand for Toncoin suggest to me that this is a coin with real staying power. In my opinion, it’s worth keeping a close eye on Toncoin as it continues to evolve and establish itself within the competitive cryptocurrency landscape.

Despite claims from certain analysts that the TON blockchain could be a speculative bubble based on its small number of daily active users, wider market statistics seem to contradict this perspective, suggesting instead that the network is making steady advancements and holds promise for the future.

First, Toncoin has shown strong potential as a top coin to hold on the support.

Looking at the TON/USDT weekly graph, we see a candlestick with an extended wick, suggesting a shift towards optimism due to rising buying pressure. This positive trend is further backed by an increase in trading activity over the past few weeks.

Additionally, it appears that Bollinger Bands are becoming narrower, hinting at an imminent compression, yet the most promising scenario seems to be a breakout moving upward.

On the day-to-day chart, Toncoin is almost ready to push beyond its 100-day moving average, a level that has been acting as a barrier.

However, it’s likely that TON will soon break this level and stay above it.

In the coming timeframe, there’s a likelihood of a significant rise (around 50-60%) in value. For traders and investors, reaching roughly $10 per TON might be a feasible goal, indicating a robust and positive price trend is on the horizon.

Altcoins set to break out

Altcoins appear ready for a substantial surge beyond their current range, having recently rebounded and created what’s known as a “bull flag” formation. This particular pattern is commonly associated with imminent upward price movements in the market.

Preparations are underway for a period of increased activity in alternative cryptocurrencies (altcoins), as new meme-based coins such as DOGS, developed by Pavel Durov, the CEO of Telegram, are now being utilized to create liquidity within the TON network.

The stage is set for a strong rally across the altcoin market.

Global and TON liquidity surges

The world’s liquidity resources are about to burst forth, potentially leading to an increase in value for Bitcoin [BTC] and other digital currencies. Data from the Bitcoin Strategies Platform indicates that the current global liquidity level surpasses $80 trillion.

As an analyst, I foresee substantial growth for TON and other cryptocurrencies, given the upcoming USDT minting. I anticipate that this event could lead to significant price surges, potentially occurring towards the end of Q3 or the beginning of Q4 in 2024.

TON’s market cap was $16.82 billion at press time, with a fully diluted market cap of $34 billion.

In the past day, the trading volume amounted to approximately $227 million, suggesting a healthy level of liquidity as it equates to a volume-to-market cap ratio of 1.4%.

Currently, there are approximately 2.53 billion TON tokens in circulation, making up around half (49.6%) of the total supply of 5.1 billion tokens.

2024-08-22 05:12

Altcoins set to break out

Global and TON liquidity surges

Read More