Toncoin Soars Amidst Notcoin Game Launch and Pantera Capital Investment
Summary:
The value of Telegram-linked cryptocurrency, Toncoin (TON), has rebounded by about 50% over the past month, reaching a three-week high of $7.10 on May 10. This increase surpasses the general 15% rise in the broader crypto market during the same period. With Notcoin's launch on May 16, demand for TON is expected to surge. The Notcoin game operates within Telegram and allows users to mine for Notcoin tokens, with 34.5 million players having participated so far. Notcoin's launch will also introduce a new cryptocurrency, NOT, to its existing token holders. Lastly, a recent undisclosed investment from Pantera Capital in The Open Network has also positively impacted Toncoin's market value.
The Toncoin (TON) cryptocurrency, associated with Telegram, has seen a resurgence in price, escalating approximately 50% during the last month; this includes a noteworthy 15% spike in the past 24 hours. On May 10th, the coin's value reached $7.10, a three-week high. Despite the general crypto market also reflecting a 15% bounce over this same period, Toncoin's performance surpasses it, indicating unique and potent stimulants fueling its exceptional growth. Let's explore more.
A surge in the demand for Toncoin is anticipated due to the soon-to-be-released play-to-earn game, Notcoin, scheduled to launch on May 16th. It is a social clicking game integrated into the Telegram app; players interact with the Notcoin bot and involve friends. Notcoin "mining" involves players earning the game's virtual currency by continually tapping a golden coin on their screens. At this point, over 34.5 million players have mined Notcoin tokens.
On May 16th, the Notcoin team will drop a new native crypto, NOT, among 34.5 million Notcoin token holders, and it'll become operational on the TON Blockchain. It will be available for trading on major cryptocurrency exchange platforms like Binance and Bybit.
In the days leading up to the NOT introduction on the TON blockchain, there's been a substantial increase in the network's total locked value (TVL); as of May 10th, the TVL was 40.58 million TON, a 33% increase in May and a staggering seven times increase since the beginning of 2024. These numbers clearly illustrate the vigorous demand for Toncoin.
The uptick in TVL coincides with the integration of Tether (USDT) stablecoins on TON blockchain.
Further supporting Toncoin's growth is an undisclosed investment from Pantera Capital on May 2nd in The Open Network, noting the integration of the PoS ecosystem with the Telegram messaging platform as a key motivator behind the investment.
Given Telegram's broad user base, which includes 900 million monthly users and 37.6 million monthly downloads, the partnership between the Open Network and Telegram paves the way for it to become one of the largest crypto networks. The value of Toncoin has grown approximately 46% since the announcement, a clear indication of the positive market response.
Recent Toncoin gains can be attributed to a rebound that initiated after encountering a key support convergence, identifiable by an ascending trendline, the 50-day exponential moving average (EMA), and the 0.618 Fibonacci retracement level. An element that adds to the coin's strength is its daily relative strength index falling to 37.45, mirroring the price recovery seen in February.
As of May 10th, TON was aiming to rebound towards approximately $8.77, marking a 22% increase. On the downside, a withdrawal from the 0.382 Fib line resistance could see TON's price target the 0.382 Fib line at around $6.19. A significant fall below the 0.382 Fib line could compromise the price, pushing it down towards $5.40 in May.
Disclaimer: This article does not offer investment advice or recommendations. Every investment and trading move carries risk. Readers are urged to conduct thorough research before making decisions.
Published At
5/10/2024 4:07:47 PM
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