1 month ago
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Toncoin stablecoin reserve is growing amid sustained adoption from users per the emergence Tap-2-Earn (T2E) games.
Key Notes
Toncoin supply has surpassed the $760 million range.The emergence of many mini-apps like Hamster Kombat has helped its growth.Price is down but has high chance of rebounding soon.After a broader crypto market downturn, Toncoin TON $5.08 24h volatility: 2.7% Market cap: $12.89 B Vol. 24h: $257.42 M is beginning to signal a price rebound. On Wednesday, the Telegram-associated coin dropped to a crucial support level of $5. This coincided with the point when Bitcoin BTC $61 200 24h volatility: 1.5% Market cap: $1.21 T Vol. 24h: $24.79 B bears threatened to push the price below $60,000. On-chain data suggests that the Toncoin blockchain is beginning to tilt toward renewed growth. If this happens, TON may successfully absorb the ongoing selloffs for a solid price recovery later.
Toncoin Stablecoin Supply Hit $760 Million
According to Artemis data, the stablecoin supply on TON has registered a remarkable surge these past few months. It has grown 13x since April 2024 and 25% since regulators in France arrested Telegram founder Pavel Durov.
A stablecoin supply worth approximately $760 million indicates a healthy ecosystem. Durov’s arrest negatively impacted the Toncoin ecosystem, but it maintained resilience. The recent growth recorded reflects renewed optimism during the French debacle. Moreso, stablecoin supply remains one of the key metrics that could bring more liquidity to a network and improve its utility.
Hence, TON may see a boost in demand as a staking and transaction fee token. Ultimately, this could translate to price surges, moving the TON coin to a new All-Time High (ATH). The huge supply comes from Telegram’s community of around 900 million users. The launch of several trending Play-to-Earn (P2E) games like Hamster Kombat and Catizen equally drove significant trading volumes.
Apart from its stablecoin supply, the Toncoin ecosystem has also increased its Total Value Locked (TVL). Based on the insights from DeFiLlama data, this metric spiked by 28%, moving from $317.2 million within the previous month to $408 million this October. More traders are locking up their TON and engaging with Decentralized Finance (DeFi) protocols.
There are a few pessimistic views about what TON could have going on. Messari analyst Nick Garcia highlighted that Toncoin’s current scenario resembles FTX, the Bahamian-headquartered cryptocurrency exchange that witnessed a massive implosion two years ago due to legal woes.
Toncoin Ecosystem Sees Positive Momentum
In the meantime, the Toncoin ecosystem remains afloat. At this time, TON traded at $5.06, down by 2.75% in the past 24 hours. Its trading volume is 9.03% higher within the same time and currently sits at $193 million.
Pavel Durov has announced more features that could allow users to gift their friends. This new feature may help the platform introduce Toncoin-based Non-fungible tokens (NFTs) before the end of this year.
“Later this year, we’ll introduce the ability to convert these limited-edition gifts into TON-based NFTs. Users will then be able to auction and trade these tokenized gifts outside Telegram, with ownership recorded on the blockchain,” Durov stated.
Data from TON Scan showed that the network processed more than 1 billion transactions about a month ago. This metric shows that users are engaging more with the network.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
