• The Toncoin network has attracted notable investments from legacy web3 venture capitals in addition to the support from Telegram messenger.
• TON price rallied to a new all-time high on Friday after a 6% spike to around $8.07 fueled by notable developments and adoption.

Toncoin (TON), a fast-growing web3 ecosystem with dozens of vibrant projects leveraging the Telegram messenger, has already kickstarted the next major bullish leg after three months of consolidation. 

The large-cap altcoin, with a fully diluted valuation of about $41 billion and a daily average traded volume of around $752 million, surged over 6% in the past 24 hours to reach a new all-time high (ATH) of around $8.07 on Friday, June 14, 2024.

Factors Influencing Toncoin’s Growth

By now, it is safe to assume that the rise of the Toncoin ecosystem is bolstered by the vast Telegram community. After completing the settlement case with the US SEC in 2020, the Telegram core developers have continued to support the Toncoin network outside the United States.

To date, the Toncoin network has raised more than $504 million from different web3 investors led by Bybit, OKX, Haskey Group, BitGo, Fireblocks, Pantera Capital, Tether, and Kingsway Capital among many others. 

The Toncoin projects led by Notcoin (NOT), a tap-to-earn game, have received overwhelming support including major exchanges’ listings. According to the latest market data, the Notcoin price had surged over 20% in the past 24 hours to trade at around $0.0204 at the time of this reporting. Remarkably, the Notcoin project has scaled to over $2 billion in market cap and over $1 billion in daily average traded volume.

Meanwhile, the Toncoin network has invited crypto enthusiasts to join Notcoin’s Earn Quest program via The Open League Quest to earn a share of the $40k in NOT. The Toncoin network has already distributed more than $40 million worth of TON in the Open League Quest and promised to engage users in similar competitions in the near term.

Market Picture

The Toncoin network has outshined legacy web3 blockchains such as Cardano (ADA) to rank among the top ten most valuable digital assets. Amid the ongoing mainstream adoption of digital assets and web3 projects, the Toncoin network is well positioned to attract more users through the Telegram messenger.

According to the latest market data, the Toncoin network has more than $573 million in total value locked (TVL) and over $449 million in stablecoins market cap. As Crypto News Flash previously pointed out, the collaboration between Toncoin and Tether will propel NOT and USDT higher in the coming quarters.

TON Price Targets Ahead

Amid the heightened crypto volatility, TON price has signaled a further uptrend in the coming weeks. As Crypto News Flash reported, the TON price is aiming for the next major liquidity level of around $10.

Moreover, TON’s monthly and weekly Relative Strength Index (RSI) has rallied above the 70 level in the recent past. However, TON price action will significantly be impacted by Bitcoin soon due to its high correlation with other digital assets.