Connect with us
Active Currencies 14712
Market Cap $2,661,683,391,998.43
Bitcoin Share 51.54%
24h Market Cap Change $3.87

TON’s road to $10 – Toncoin holders should hope these updates pan out

3min Read

TON has had a good first half of the year, but what about the 2nd half now?

TON's road to $10 - Toncoin holders should hope these updates pan out

Share this article

  • Failure of TON holders to exit the market at $6.39 could spur a hike to $7.50
  • Network activity dropped, but external developments pointed to possible double-digit gains

21% of Toncoin’s [TON] holders are sitting at the same price where they purchased the token, indicating that they are at make or mark point right now. Additionally, further assessment of IntoTheBlock’s data revealed that 29% of all holders have accumulated TON over the last 30 days.

This ratio was more than those who bought the cryptocurrency one year ago. In the last 30 days, TON’s price has risen by 22.09%, meaning that some addresses that bought the token recently are now in profit.

However, the last seven days have not been palatable for Toncoin. This, because the price dropped by 1.91%. In light of the token’s performance this year, holders at the breakeven point might decide not to sell though.

The reason is that a chunk of them might be part of the 29% who purchased the token over the past month. Especially since as AMBCrypto has preciously reported, TON’s price has been on a good run this year.

TON holders hold support at breakeven of $6.39

Source: IntoTheBlock

Things are working in TON’s favor

As such, it is expected that the price could rise higher on the charts. With this forecast, it is possible that the $6.39-level, which was Toncoin’s price at press time, could act as support for the token.

If this is the case, and bears fail to neutralize the defense, TON could hike to $7.50. However, AMBCrypto is not the only party expecting this move.

Shiveen Moodley, a tokenomics researcher, also shared this projection. For Moodley, the focus was on the long-term prospect of the project using TON’s performance against other top cryptocurrencies.

Toncoin shows how the price has performed better than other cryptos

Source: CryptoQuant

His opinion and the aforementioned aligned with AMBCrypto’s report about Toncoin’s correlation with Bitcoin [BTC] and Ethereum [ETH].

Will the price hit $10?

According to him, Toncoin’s supply, active userbase, and links with Telegram could help the token hit more upside. He noted in his analysis via CryptoQuant that,

“Currently, with a supply of 5 billion coins and an inflation rate of 2 percent, leading to an estimated 10 billion coins in 35 years steady price increases are likely in the long run.”

On 23 May, Telegram disclosed that it would release a digital currency for payments on its platform. Considering the social media platform’s links with Toncoin, there are speculations that the token might be involved.

If so, activity on the network, as well as demand for the token, might skyrocket. Should this be the case, it might only take a short period for TON to hit $10.

However, data from Santiment showed that activity on the Toncoin network had instead fallen. At press time, the 24-hour active addresses were down to 356 too.

Toncoin network activity falls but price might increase

Source: Santiment

Is your portfolio green? Check the Toncoin Profit Calculator

This was around the same spot the metric was at before the price ran to $7.45 in May. While the token might not replicate the same move, a hike in network activity could set the stage for TON’s rally.

Before that, however, the price might swing between $5.90 and $6.40 on the charts.


Victor Olanrewaju is a full-time journalist at AMBCrypto. Settled in Lagos, his fascination with blockchain technology and the cryptocurrency market arose out of his love of freedom and everything free. As a Nigerian, Victor understands the impact unfounded financial restrictions have on a population. He sees Bitcoin and cryptos as a way to circumvent these obstacles, as a tool for value creation despite all the setbacks. A graduate in Physics, Victor previously worked as a Senior Marketer at Melange Technologies. Before that, he dealt with crypto-marketers on a regular basis in his capacity as Copywriter at Ventrix Media. At AMBCrypto, Victor’s focus is on assessing the real effectiveness of both on-chain and off-chain developments on a project and its community sentiment.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.