Toncoin (TON) is currently an industry sensation as it has soared to a new all-time high (ATH) of $8.04, attained just at the time of writing. This ATH boost comes following the 6.42% surge it recorded in the past 24 hours and the more than 7% growth over the past week.
Toncoin profitability metric
The sensational growth of Toncoin has cemented its place as the ninth largest cryptocurrency by market cap. The biggest beneficiary of this rally are the 21,490 Toncoin wallet addresses, all of which are now in profit, per data from crypto analytics platform IntoTheBlock (ITB).
The Toncoin journey is one that has been marked by consistent growth since the start of the year. Per on-chain data, the coin briefly flipped XRP in what is considered a rare performance push. Toncoin’s popularity is closely linked to its association with Telegram, the fast-growing social messaging application.
Besides the action of TON whales, whose transactions have jumped by 245% in 24 hours, The Open Network (TON), which harbors Toncoin has also played host to some different user-focused projects like Notcoin and Hamster Kombat. These projects are designed as Play-2-Earn (P2E) games with massive upside in terms of user incentivization.
Gaining access to these games and their promised rewards requires TON, and as such, has placed enormous demand on the coin, fueling its rise to stardom.
What next for Toncoin?
As a top 10 cryptocurrency, Toncoin is now on many analysts’ and investors’ radar, with many wondering what might come next as it is effectively now in price discovery mode.
Telegram has a massive growth projection that might see it cross one billion users soon. The more this platform grows, the more other Web3 projects might be willing to risk building on the platform and continually drive TON’s demand.
Per its current outlook, a $10 price mark cannot be ruled out for TON in the mid-to-long term.