This Ethereum Killer Is ‘Gearing Up For A Potential 40% Breakout’ Making It ‘One Of The Biggest Growth Stories Of This Cycle’
By Benzinga
The growth of the Telegram-adjacent Toncoin (CRYPTO: TON) network has not gone unnoticed among traders, who remain upbeat about its future potential.
What Happened: Crypto technical chart analyst Ali Martinez noted in his latest tweet that Toncoin is “gearing up for a potential 40% breakout.” He sets the target at $11 before it drops to $7.2 to gather liquidity. This upswing is based on the TD Sequential indicator.
Crypto VC Andrew Kang stated, “TON is looking to be one of the biggest growth stories of this cycle.”
Altcoin Sherpa predicts that it is just a matter of time before Toncoin breaks an all-time high in the next stretch. He adds that this holds good as long as Bitcoin is okay and the chart looks “incredibly strong.”
Last week, Telegram launched Telegram Stars to pay for digital services in mini apps. Telegram mini apps like Notcoin don’t need to be installed for use. Telegram founder Pavel Durov added that developers on Telegram will be able to withdraw their Stars in Toncoin.
Also Read: Telegram-Linked Notcoin Pips Solana, Dogecoin In Volumes To Become Fourth-Most Traded Crypto
Why It Matters: On-chain data provider Artemis indicated that Toncoin has had more unique addresses complete at least one transaction than Ethereum (CRYPTO: ETH) for ten out of the last 12 days. Toncoin’s daily unique addresses count hit a year-to-date high of 568,300 on June 3, outdoing Ethereum’s 351,400 by 62%.
The success of TON’s daily active addresses has a direct relation to the significant 900 million user base of Telegram and leverages on Telegram’s distribution capabilities.
Price Action: In the past 24 hours, TON has gained 7% at $7.56 with a 127% surge in the past 24 hours trading volumes. it is current trading very close to its all-time high price levels.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
