Toncoin (TON) Becomes a Crypto Whale Target

Bittime – Toncoin (TON) has overtaken Dogecoin (DOGE) in the crypto market as whales continue to collect millions of these tokens. Even though the crypto market is in uncertain conditions, TON is now the eighth largest cryptocurrency by market capitalization as the TON-based economy grows on the Telegram platform.

Toncoin Whale Activity

On-chain data shows that Toncoin whales have been very active recently, purchasing as many as 45 million TON tokens, which is equivalent to $342 million, in the past week. Big players in the crypto world seem to be betting big on Toncoin, which allowed TON to surpass Dogecoin's market cap and take the eighth position.

Toncoin (TON) Price Increase

This development naturally had a positive impact on the price of TON, which performed very well despite bearish market conditions. At the time of writing, TON was trading at $8.06, an increase of more than 6% in the last 24 hours. Overall, TON's price is up 25% in the past month, adding around $5 billion to its market capitalization since June 2, 2024.

Influence of the TON Ecosystem on Telegram

It's worth noting that Telegram has over 900 million users and a built-in crypto wallet, opening the door for mass adoption of Web3 technology. Thanks to this massive reach, much of Toncoin's success is attributed to TON's viral play-to-earn (P2E) ecosystem games such as Notcoin (NOT) and Hamster Kombat.

Pros and Cons of Toncoin's Success

Nevertheless, some analysts believe that this success is not sustainable and the momentum could wane in the near future. It is possible that TON is overvalued at the moment. Some analysts believe that the market has overestimated Telegram's distribution. Although this messaging app has a significant global reach, the number of daily active users is not very high.

According to research from Blockworks, Telegram's daily active users range between 55-200 million, making the ratio of daily to monthly active users much lower than Facebook, Twitter, and WeChat. Additionally, based on data from on-chain platform Artemis, TON's number of daily active wallet addresses is much lower. In May 2024, Toncoin briefly surpassed Ethereum in this metric, but soon declined.

After reaching a peak of over 5 million daily active addresses, this figure is now below 400K. In comparison, NEAR, Solana (SOL), Sui (SUI), and Polygon (MATIC) have more than 1 million daily active wallet addresses.

Conclusion

Further developments may attract a more consistent and regular user base to strengthen TON's position in the market, but may not be enough to reduce the potential for an upcoming price correction. Toncoin (TON) continues to be the center of attention in the crypto world, especially among whales who see great potential in this token.

Cara Beli Crypto di Bittime

You can buy and sell crypto assets in an easy and safe way via over. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets at over, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

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