Toncoin Records 5% Increase, Targets New Capitalization Records

According to U.Today, the cryptocurrency Toncoin (TON) has shown no signs of slowing down despite the global cryptocurrency market taking a breather. After a multi-week rally, Toncoin is aiming for new capitalization records and is integrating dozens of decentralized applications (dApps) on a daily basis. On June 13, 2024, Toncoin's price increased by nearly 5%, stopping just short of a new all-time high over $7.65. The cryptocurrency's capitalization reached $18.55 billion, and it recently overtook the veteran cryptocurrency Cardano (ADA) to become the 10th largest digital asset. Toncoin is the only asset in the top 20 showing positive dynamics and is the best performing cryptocurrency in the top 100. Its daily trading volume has also increased, with a net trading volume exceeding $723 million, making it the 10th most traded asset, excluding stablecoins such as USDT, USDC, eUSD, and FDUSD. Seasoned analyst Ali Martinez previously suggested the possibility of a 40% rally for the Toncoin price. Despite the TD Sequential Indicator hinting at a potential drop, the midterm goal for Toncoin's price action is above $11, according to top traders. Last week, the Toncoin ecosystem of cryptocurrency applications achieved several new milestones. Its total value locked (TVL) metrics surpassed $500 million, and it is currently hosting over 650 decentralized applications of various types. Its popularity can largely be attributed to the excitement around 'Tap-to-Earn' apps like Notcoin (NOT), Hamster Combat (HAMSTER), and others. Some data even suggests that Toncoin has surpassed Ethereum (ETH) in the number of daily active addresses transacting on-chain, although this calculation does not include L2 solutions on the Ethereum Virtual Machine (EVM).