TapSwap Users Nearing 50 Million Mark InDepth Toncoin TON Price Assessment
The price of Toncoin (TON) has had a successful week, with Bitcoin and most other altcoins experiencing a retreat. Ton has remained close to its all-time high, resulting in a market cap of over $17.6 billion and establishing itself as the 9th-largest cryptocurrency in the world.
Created by Telegram, Toncoin has been one of the most impressive altcoins in the market, soaring by more than 600% from its lowest point in 2023. This surge in the token’s value can be attributed to its increasing popularity among users and developers. Data from DeFi Llama indicates that the network has attracted 16 DeFi developers, leading to a total value locked (TVL) of over $850 million. Key players in the ecosystem include Tonstakers, DeDust, and Bemo.
Additionally, Toncoin has gained traction in the tap-to-earn industry, as evident by Notcoin’s success. Notcoin has amassed over 30 million users and a market cap exceeding $1.8 billion.
TapSwap has also emerged as a major player in the Toncoin and Telegram’s ecosystem. The platform boasts over 49 million users globally, with more than 18 million daily users who have collectively made over 1.8 trillion touches since its inception. The platform’s upcoming airdrop is expected to further fuel user growth, allowing them to convert their tokens into fiat currency.
On-chain data reveals a significant surge in the number of active Toncoin wallets, which has reached over 8.07 million, a substantial jump from the beginning of the year when the network had about 1.28 million wallets.
In terms of price analysis, TON token’s strong bull run has positioned it as a major player in the crypto industry. It has now reached the middle line of Andrew’s pitchfork tool and found substantial support at the 50-day Exponential Moving Average (EMA) and the Ichimoku cloud indicator.
However, there is a risk as the Notcoin price is showing signs of forming a triple-top chart pattern, a bearish sign. Confirmation of further upside movement will come if the price surpasses the all-time high of $7.87, potentially opening the door for TON to rise to $10.
