3 Reasons to Invest in Toncoin This Bull Cycle

The Open Network (TON) surpasses Ethereum in daily users, largely due to Telegram’s vast user base and gaming growth.
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Key Insights

  • The Open Network is beating Ethereum in terms of daily active users, mostly driven by Telegram's integration and its surge in play-to-earn games.

  • TON is only able to beat Ethereum because of Telegram's massive user base of over 900 million users

  • TON's daily active addresses peaked at a record 568,300 in June, edging out Ethereum's recent highs.

  • Toncoin is ranked 9th by market cap, with a current price of $7.6 and enough room to reach $9.5-$11.6 (a new all-time high).

Toncoin is arguably one of the top projects in this bull cycle, without a doubt.

Very recently, TON has been in a struggle with Ethereum in terms of daily active addresses. And according to recent data, TON seems to be outperforming the kind of altcoins in terms of these metrics.

Here’s why you might want to consider looking into Toncoin as the crypto market recovers.

The Rise of TON

According to new insights from Delphi Digitals, The Open Network (or TON) is now beating Ethereum in terms of daily active users.

Delphi Digital also mentions that TON was able to beat Ethereum based on Telegram's popularity, as well as the recent surge in play-to-earn games.

Telegram, as it stands, has more than 900 million, allowing TON to leverage this growth to drive its network activity beyond Ethereum’s.

Delphi Digital even pointed out this growth, calling it “The Flippening CT ignores,” with respect to TON’s ability to catch up to and even beat Ethereum’s long-term growth.

The Numbers Game

Depphi Digital highlights that since 17 May, TON and Ethereum have been at each other’s necks, going toe to toe.

Most of the time between then and now, Ton took the lead, especially in June, considering the record-breaking 568,300 daily active addresses on 3 June, Ethereum hasn’t seen such numbers since 13 September 2023.

Some of the other reasons why TON is becoming more popular is because of specific moves like its recent integration of USDT, and the launch of tap-to-earn games like Notcoin and Hamster Kombat.

Moreover, we also had the recent launch of Telegram’s Stars a form of in-app money through which users can pay for goods and services.

Toncoin Price Action

In terms of price, Toncoin has climbed all through the year and is now ranked as the 9th largest cryptocurrency by market cap, after beating most of the others like Cardano, Shiba Inu, Avalanche and Polkadot.

<div class="paragraphs"><p>Toncoin’s ranking</p></div>

Toncoin’s ranking

The cryptocurrency sits at around $7.6 at the time of writing and is up by around 7.3% over the last day and by 4% over the last week.

In the charts, we can see that the cryptocurrency is attempting a break above the $7.75 price level, after attempting to break above for several months as shown below:

<div class="paragraphs"><p>Toncoin’s price trajectory</p></div>

Toncoin’s price trajectory

We might see Toncoin consolidate for a while between the ascending triangle shown. However, we are bound to see a price breakout somewhere above $7.8 soon, leading to an ultimate break and close above this formation.

So far, the Fibonacci retracement tool puts the price targets for Toncoin somewhere between $9.5 and $11.6, which would count as a new all-time high for the cryptocurrency.

The Road Ahead

While Toncoin’s price outlooks seem impressive, there is also the issue of sustainability.

Can this growth be sustained? While TON’s current trajectory is impressive, the question remains” Can Toncoin maintain this dominance and one day give Ethereum a run for its money?

Maybe not in terms of TVL, but in terms of daily active users and other network activity metrics.

Toncoin looks great for a short to medium-term investment. But can it weather the storm and prove itself to be a great long-term investment?

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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