7 months ago
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The adoption of TON through Telegram-based projects including games has helped the Toncoin network rise to the top ten most valuable digital assets.
The rise of the Web3 industry and digital assets around the world has significantly influenced the notable growth of The Open Network (TON). As of this report, the Toncoin (TON) network was ranked ninth by Binance-backed CoinMarketCap. The Toncoin network, with a fully diluted valuation of about $32 billion, has tangible web3 growth to a total value locked (TVL) of about $144 million.
As a result, the Toncoin ecosystem is well positioned to outperform other layer one (L1) blockchains led by Solana (SOL) in the coming months. Moreover, the Toncoin project is backed by reputable web3 investors including DWF Labs, and continues to leverage the vast Telegram community.
Toncoin Growth Rate on the Rise
According to Justin Hyun, the director of investment at TON Foundation, a Toncoin-based economy is beginning to take shape through the Telegram messaging application. As Coinspeaker reported, Telegram’s founder Pavel Durov has severally expressed support for the Toncoin project despite the prior regulatory hurdles in the United States.
Notably, Telegram has nearly 200 million daily active users (DAU) on Android. Already, Telegram allows its users to pay for premium services including advertisements through TON coin. As a result, Hyun is confident the Toncoin project will continue to grow under the support of the Telegram community.
“Telegram has launched its ad platform, which only accepts Toncoin instead of fiat, choosing the principles of Web3 and paying 50% of the revenue they make from advertising back to Telegram channel owners,” Hyun said.
Earlier this month, the Toncoin network announced the Open League program, a long-term initiative aimed at distributing 30 million TON coins to loyal network users. The Open League program is running concurrently with the accelerator program geared at supporting web3 developers building on the Toncoin ecosystem.
“This strategy of focusing on developers who understand what’s required to build consumer applications that engage millions of users is going to be key for the future of crypto adoption. TON is the only hope of mass adoption for Web3 technologies. It will do for Web3 tech what the Apple Mac did for personal computing. Not a computer in every home, but crypto in every pocket,” Hyun added.
TON Price Action
Toncoin (TON) price has been on a rising trend since the bullish breakout earlier this year. The large-cap altcoin recently entered the top ten most valuable digital assets after dethroning Cardano (ADA).
Despite the impact of the ongoing crypto market correction, TON is well-positioned to outperform Dogecoin (DOGE) in the near term.
From a technical perspective, the TON price will reach double digital dollars after completing the ongoing correction. However, the altcoin could first retest the support level around $4.84, which also coincides with the 0.5 daily Fibonacci Retracement.
