The cryptocurrency of this project has shown a staggering increase of more than 100% over the last 3 months, and is now approaching $20 billion in market capitalization. How to explain such remarkable performance for this crypto?
TON: Growing Adoption and a Thriving Ecosystem
While the cryptocurrency sector is struggling to revive, the TON token is an exception on the markets. The top 10 cryptocurrency has experienced a remarkable surge in recent times and has seen its price double in just 3 months.
👉 To learn more about TON – The Open Network (TON), the blockchain designed for the Telegram application
The rise in the price of the TON token can be explained by several key factors. First, adoption of its blockchain, The Open Network, is growing. The number of active addresses on the TON blockchain has increased significantly in recent months, demonstrating growing interest in its features and potential.
The TON blockchain is also Telegram’s preferred solution for integrating its services on Web3. Telegram, one of the most used messaging systems in the world, has approximately over 900 million users.
Earlier this month, the messaging app introduced a mini-app payment system called Telegram Stars. The latter offers application developers lower fees than those of traditional platforms such as the Apple and Google app stores.
Telegram’s potential user base, approximately 100 times larger than the current base of all other blockchains combined, is good news for the future development of TON and its ecosystem.
In addition to its growing adoption, TON benefits from a growing ecosystem. New projects and decentralized applications (DApps) are regularly deployed on the blockchainenriching its functionalities and attracting new users.
As such, TON’s total value locked (TVL) recently exceeded $610 milliondouble that of just 3 weeks ago.
Evolution of TVL on the TON blockchain since the beginning of 2024
All these diversifications strengthen the utility of TON and attract a wider audience, contributing positively to the value of its token.
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What are the other big winners in recent months?
The current context works in favor of TON. Memecoins, humorous cryptocurrencies often associated with viral trends or web communities, are particularly popular on The Open Network at the moment.
According to data from CoinGecko, some memecoins deployed on the TON network have seen unexpected surges over the past 7 days. Resistance Dog (REDO), The Resistance Cat (RECA) and TEPE increased by 59%, 92% and 70% respectively over this period.
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While TON stands out as one of the big winners in the market right now, other cryptocurrencies have also seen remarkable performances in recent months. Among them, we can cite PEPE, XMR, KAS and BNBwhich respectively recorded increases of 78%, 67%, 63% and 47% over the last 3 months.
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Source: Coincodex
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Having fallen into crypto in 2018, I am passionate about this ecosystem and its evolution. Journalist at Cryptoast, I democratize and share my vision of Web3 with you.
