Toncoin Hits A New TVL Above $600 Million: Will It TON Price Hit $11 Soon?

While the broader market is struggling to sustain the negative downturn, Toncoin (TON) is showing strong performance, currently trading at $7.83. It has gained 5.11% in the past day, 3.94% over the week, and an impressive 15% for the month. With a market cap of $19 billion, TON ranks ninth among the leading cryptocurrencies as per CoinMarketCap.

TON Hits a New TVL

Recently, the TON blockchain has achieved a record-high Total Value Locked (TVL) surpassing $600 million, as reported by DefiLlama. The network’s TVL reached $609.78 million on Monday, marking a substantial increase from $300 million just three weeks ago. This growth was driven by significant gains in top protocols like DeDust, a decentralized exchange on TON, which saw a 53% surge to nearly $300 million in TVL. Smaller protocols such as bemo, Stakee, and EVAA also experienced double-digit growth over the past week.

The #TON blockchain’s total value locked (TVL) skyrocketed to $608.65 million, doubling from $300 million in just three weeks.

Protocols across the board, from giants like DeDust to rising stars like bemo and Stakee, saw substantial TVL boosts.

This surge is powered by TON’s… pic.twitter.com/nu68p6NnFF

— Kyledoops (@kyledoops) June 17, 2024

Bullish Buzz: Partnerships Propel TON Forward

Telegram’s integration with the TON blockchain has played a pivotal role in its adoption. With over 900 million users globally, Telegram has facilitated the popularity of play-to-earn mini-games like Notcoin and Yescoin, enhancing TON’s ecosystem. Telegram further introduced Telegram Stars, a digital mini-app payment system offering developers lower promotion fees compared to traditional platforms.

The bullish sentiment around TON has been reinforced by recent developments and strategic partnerships. Pantera Capital’s investment in TON, citing its strong ties with Telegram, and collaboration with USDT issuer Tether have bolstered confidence in the blockchain’s future. However, TON has faced cybersecurity challenges, with reports of scammers exploiting Toncoin for fraudulent schemes.

Time to Buy or Wait?

Technical analysis indicated that the TON stock is trending higher. Toncoin’s market performance has been resilient, with a slight 0.23% increase to $7.83 recently. Notably, Toncoin’s growth is shown by TVL value, which has hit an ATH. An ATH in price is likely where TON can increase between $8.80 and $9.50. Whereas, analysts like Ali Martinez predict a potential 40% breakout to $11, although the TD Sequential indicator suggests possible short-term dips to $7.2 for liquidity gathering.

Source