- Toncoin has surpassed 1 billion transactions, showcasing its blockchain’s resilience despite ongoing market struggles.
- The asset experienced a 24% weekly drop, with a $164 million daily trading volume amidst uncertainty.
- Toncoin’s DeFi ecosystem holds a $272 million TVL, with significant growth potential through Telegram’s 950 million users.
The altcoin industry continues to suffer as Bitcoin’s dominance nears 60%. Toncoin (TON), the native asset of Telegram’s layer one blockchain, has experienced a prolonged downturn. Over the past six months, TON has significantly declined against Bitcoin, with no immediate signs of recovery.
The large-cap altcoin, valued at around $25 billion, has struggled to break out of its correction phase since early 2024. With a daily trading volume of approximately $164 million, Toncoin’s price action remains bearish unless a sharp rebound occurs. Investors remain cautious amid growing uncertainty in the altcoin market.
Toncoin Experiences Volatility Amid Market Turbulence
The Toncoin ecosystem has faced a slowdown in whale investments over recent months. On-chain data from Santiment shows that Toncoin holders with balances between 10 and 10,000 coins have offloaded more than 890,000 tons since Telegram’s founder, Pavel Durov, was arrested in France in mid-2024. The event has further dampened investor confidence.
According to Inal Kardan data, a partner at TON Ventures, the DeFi sector within TON has struggled to gain momentum despite efforts from the Toncoin Foundation. However, Kardan suggests that memecoins on the TON blockchain could see increased interest, potentially driving positive sentiment within the ecosystem.
Toncoin has experienced heightened volatility amid broader market turbulence. The asset suffered a steep 24% decline over the past week, largely influenced by the DeepSeek market crash. Despite this downturn, consistent trading volumes and increased on-chain activity hint at the possibility of a recovery in the coming weeks.
Toncoin’s DeFi Expansion and TVL Milestone
Toncoin’s blockchain has demonstrated resilience despite market challenges, reaching over 1 billion transaction records as of September 2024. The blockchain’s integration with Telegram’s 950 million users has contributed to its steady transaction growth, reinforcing its potential for long-term adoption.
According to Defillama, the ecosystem has expanded into decentralized finance (DeFi), with a total value locked (TVL) of approximately $272 million and a stablecoin market cap of around $1.4 billion. With Telegram’s nearly 1 billion active users, the TON ecosystem holds significant promise for future expansion.
TON is trading at $4.85, surging 0.38% within 24 hours and consolidating after recent losses. Technical indicators suggest a potential rebound, with the Relative Strength Index (RSI) at 40.93, signaling an approach toward oversold territory. The Moving Average Convergence Divergence (MACD) indicator also points to easing bearish momentum, hinting at a possible bullish reversal.
To boost its DeFi ecosystem, TON developers recently unveiled a roadmap for the first half of 2025. A major update, the Accelerator Kernel, will enhance the main net’s efficiency. Additionally, TON plans to introduce a secure bridge to the Bitcoin ecosystem to create a scalable and interoperable DeFi infrastructure.
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