The latest TON price analysis reveals bulls on parade as Toncoin (TON) takes crypto market by storm amid Telegram gaming hype, now ranked as the 9th biggest cryptocurrency – here’s why.
Bitcoin and Ethereum have barely budged this month, but Toncoin just leapfrogged Cardano to claim the 9th largest crypto spot by market cap.
Toncoin now holds a market value of $16.8 billion, edging past Cardano’s $16.21 billion and catching investor attention.
$TON htf structure is so solid pic.twitter.com/8Hl0BFMV9g
— schmosby (@schmosby_xbt) June 4, 2024
A minor 3.12% price slip didn’t deter it—trading volume has exploded by 170% in 24 hours, and the token has climbed 19% in a month, amplifying bullish sentiment.
If you’re unfamiliar with the project in this article, we’ll answer:
1. What is Toncoin?
2. How did it overtake ADA, and what does this mean?
3. Should You Buy it?
What is Toncoin and Is Cardano Done For?
Born from Telegram’s need to raise funds, Toncoin (TON) has evolved into the social media giant’s native token amid hype for Telegram gaming.
Branded as the ‘blockchain of blockchains,’ TON lets any Telegram user easily access the network, create a wallet, and transfer money with almost no friction
They’re also a PoS blockchain, meaning you can earn interest on your TON coins by staking.
Backed-up by real product! 👀 $TON Blockchain #Telegram $Not https://t.co/6mz4EtUr2R pic.twitter.com/G6bMKgBj9r
— TON Community News (@Toncoin_Army) June 3, 2024
As for Cardano (ADA), a blockchain dubbed an “Ethereum killer,” the hype for ADA has been dying for months now.
With no new significant updates and a blockchain with no real ecosystem, 99Bitcoin analysts expect it to fall further.
There’s also the founder of Cardano, Charles Hoskinson, who keeps embarrassing himself on Twitter.
This is Toncoin’s Top Project to Invest In
A social clicker game called Notcoin (NOT) is the top project in the Toncoin ecosystem.
While it may sound simple and trite, it rewards players with tokens for tapping the screen and has amassed 35 million players in just three months.
The launch of its NOT token has been the year’s biggest gaming token debut, and in an article published earlier this week, we wrote if it could still be a 10x from its $2.5 billion market cap.
(NOTUSDT)
Notcoin (NOT) has seen remarkable gains—and is one of the core reasons for Toncoinn’s success—rising 10.80% in the last 24 hours and a staggering 275% over the past week.
Currently trading at $0.02493, Notcoin is the 49th largest cryptocurrency globally.
Notcoin’s charts tell a conflicted story. The MACD indicator’s green histogram is shrinking rapidly, a sign of growing selling pressure. Meanwhile, the 20-day/200-day moving averages intersects, hinting at a pause in the rally.
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Toncoin Price Thrives on Whale Transactions
Toncoin is setting the pace for whale transaction counts, indicating strong interest from major investors.
According to top market analyst Ali Martinez, Toncoin whale transactions—valued at $100,000 or more—soared by over 237% in a single day. Martinez’s charts show these transactions jumped from five to 27 just last week.
“Toncoin whale transactions soared by more than 237% in a single day,” noted Ali Martinez.
Whale transactions can significantly influence a digital currency’s price.
The Bottom Line: Should You Buy Toncoin?
With a real-world product behind it and more working apps than Cardano, Toncoin is here to stay.
While the RSI, currently at 60.71, might not signify that it is overbought, it probably needs to pull back soon.
It’s a good project to keep an eye on, but it may not have the crazy explosive growth of other projects, as it is already up significantly this year.
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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.
