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In April’s TON price analysis, discover a snapchat of Toncoin climbing into the top 15, growing exponentially while under the radar – after latest airdrop event – here’s the latest on Toncoin price.
Amid the fever of ‘Airdrop April,’ the Open Network Toncoin is making headlines this week with a massive airdrop to meme coin traders.
After flipping Cardano earlier in April, Toncoin became the number nine token by market cap; the question is, can the Toncoin price keep growing this fast?
Toncoin (TON), the brainchild tied to Telegram, distributed tokens valued at approximately $2.19 million among the most active meme coin traders on the DeDust and Ston.fi platforms.
TON’s ecosystem has seen remarkable growth, tripling over 30 days to surpass $148 million.
To qualify for the airdrop, users had to engage in transactions involving whitelisted meme coins between March 4 and April 10, allowing participants to earn up to 90 free tokens per wallet.
Toncoin tands out among the top 15, growing exponentially while under the radar. Yet, with Telegram’s user base ballooning past 800 million, it continues to outperform similar altcoins.
As Toncoin price is down 2% on the day at $6.07 – lets dig in.
Toncoin Price: ‘Falling Knife’ Next Move For TON?
Prior to the airdrop’s announcement, Toncoin witnessed a significant price surge, breaking its all-time high (ATH) with a +14% increase in value, peaking at $7.65 per token.
Nonetheless, the price experienced a slight correction post-announcement, settling at $7.22, a -5% retraction.
The airdrop is part of TON’s strategy to capitalize on the meme coin craze, which has seen many investors become overnight millionaires.
Inspired by the success stories on the Solana blockchain with tokens like Dogwifhat (WIF) and Book of Meme (BOME), which achieved billion-dollar market caps, TON aims to attract and reward early adopters and supporters within its own platform.
(TONUSD)
Toncoin’s price dipped below the 20-day SMA and is currently testing it from underneath, hinting at potential resistance over the next week.
Moreover, crypto students of history know that Bitcoin often crabs or experiences a big sell-off after a halving event before hitting that next leg up.
Eyes might be on the 200-day SMA for the next big comfort zone for Toncoin.
The recent peaks and troughs don’t form a classic chart pattern, but the overall move from the sharp peak downward does resemble a “falling knife,” indicating we might spiral further from here.
Bitcoin Halving – What Will Altcoins like Toncoin Go From Here?
The aftermath of the Bitcoin halving has the crypto market slightly off-kilter. The block rewards have been halved from 6.25 BTC to 3.125 BTC as of April 20.
Haven’t we been hinting at this chaos for weeks now?
Despite the market’s initial stumble, shedding 1.32% off its cap, meme coins like Shiba Inu secured handsome gains.
Pavel Durov, founder of Telegram and a key figure behind TON, was recently interviewed by Tucker Carlson and shared insights into future innovations on the TON blockchain, hinting at more exciting developments to come.
“We’ll probably cross one billion monthly active users within a year now,” Durov told Tucker. “Telegram is spreading like forest fire.”
RELATED: 99Bitcoins Presale Hits $600k, Signaling Massive Interest in Learn-To-Earn ($1M Next?)
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
