Toncoin (TON) total value locked hits record $609 M amidst market downturn

Amidst a broader market struggling with a downturn, Toncoin (TON) stands out with its impressive performance.

Currently trading at $7.83, TON has gained 5.11% in the past day, 3.94% over the week, and a remarkable 15% for the month.

With a market cap of $19 billion, TON ranks ninth among the leading cryptocurrencies, according to CoinMarketCap.

Toncoin hits new total value locked record

The TON blockchain has recently achieved a record-high Total Value Locked (TVL), surpassing $600 million, as reported by DefiLlama.

On Monday, the network’s TVL reached $609.78 million, a substantial increase from $300 million just three weeks prior.

This growth was primarily 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.

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.

Technical analysis: time to buy or wait?

Technical analysis indicates that TON 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 reflected in its TVL value, which has hit an all-time high (ATH).

Analysts predict that an ATH in price is likely, where TON can increase between $8.80 and $9.50.

Market dynamics and future outlook

Despite the broader market’s struggles, Toncoin’s performance highlights its potential resilience and growth opportunities.

The significant increase in TVL and strategic partnerships with major players like Telegram and Tether indicate a robust foundation for future growth.

However, investors should remain cautious of potential cybersecurity risks and market volatility.

As the market continues to navigate through turbulent times, Toncoin’s ongoing developments and strong performance make it a noteworthy cryptocurrency to watch.

Whether it’s a time to buy or wait, investors should closely monitor Toncoin’s market trends and strategic movements.

Toncoin’s recent performance amidst a broader market downturn underscores its potential as a resilient and growth-oriented cryptocurrency.

With significant gains in TVL, strategic partnerships, and ongoing bullish trends, TON stands out as a promising digital asset. However, investors should stay vigilant of market fluctuations and potential cybersecurity threats.

The post Toncoin (TON) total value locked hits record $609 M amidst market downturn appeared first on Invezz