TONCOIN Nears DOGE Market Cap as Hamster Launches With 100B Airdrop on Binance

Toncoin Price Analysis:

Toncoin price hit a new monthly peak of $5.93 on Thursday Sept 26, rising 7% as speculative traders piled on bullish speculations amid media buzz around Hamster Kombat’s 60 billion HMSTR token airdrop.

Hamster Kombat Airdrop Sparks Media Frenzy

On Thursday, Toncoin price emerged one of the best performing crypto assets in the top 10 crypto market ranking. Recent market reports suggest the TON’s latest price rally is linked to the widely-anticipated Hamster Kombat airdrop.

Hamster Kombat is a nearly launched crypto gaming project hosted on the Toncoin blockchain ecosystem. On Sept 26, as part of launch program on the Binance Exchange launch pool, the Hamster team announced a 60 billion HMSTR token airdrop.

Having progressed through the Binance launch-pool ecosystem over the past few months, Hamster has gained significant popularity globally, with over 100 million active users and more than 14 million followers on X (formerly Twitter) its main social media channel.

HMSTR now trading live across multiple exchanges including Binance and Crypto.com.  It remains to be seen how the markets will react in the coming weeks.

TON Price Grazes $6 Resistance after HMST Airdrop

Market movements amid the airdrop session suggests Toncoin investors anticipate that increased network usage following the Hamster Kombat project launch could trigger an uptick in demand for TON, the blockchain ecosystem’s native token.

The chart above shows that despite the crypto market rally, Toncoin price had consolidated below $5.50 resistance since the Fed rate cut on Sept 18. However, TON entered a 7% bullish reversal as the HMSTR airdrop kicked-off on Binance on Sept 26.

Amid the market frenzy that heralded the airdrop, Toncoin price rapidly rose to a new monthly peak of $5.93, before retracing towards the $5.78 level at the time of writing.

Having outperformed the broader altcoin market average growth in H2 2024, Toncoin has now raced into the top 10 ranked crypto assets by market capitalization.

At the time on publication, TON is now valued above $14 billion, ranking 9th position, just behind Dogecoin (DOGE) with is worth over $17 billion. With a rapidly growing global ecosystem, and persistent bullish conviction observed among Toncoin bull traders, TON could be on the verge of overtaking DOGE in the coming months.

Bulls Traders Deployed $14M LONG Leverage 

While Toncoin failed to breach the $6 resistance, critical short-term price indicators suggest majority of active TON traders are still maintaining a positive conviction on the that front.

It is important to note that Toncoin price witnessed considerable gains, when Notcoin, a similar gaming project launched on Binance in May 2024.

The latest trading data observed in the Toncoin derivatives markets suggest bull traders are deploying an unusually high levels of leverage on LONG positions this week, in anticipation that the bullish pattern could reoccur as the HMSTR token launches on Binance and Crypto.com

Indicatively, the Coinglass Liquidation Map below depicts a real-time comparison of total active LONG leverage positions listed for a specific asset against active leverage deployed on SHORTs contracts.

The Toncoin Exchange Liquidation Map above shows a tight tussle between long and short traders. As of September 26, 2024, cumulative LONG liquidation leverage stands at $14 million, while cumulative short leverage is slightly behind at $13 million.

This $1 million gap suggests a marginal advantage for bullish traders, with long positions accounting for 51.85% of total active leveraged contracts and short positions making up 48.15%.

This higher level of long liquidation leverage can be interpreted as a bullish signal for two reasons.

First, it reflects stronger market sentiment towards upward price movement, as traders are willing to risk larger positions on price increases. Second, this could lead to a potential short squeeze scenario. Should Toncoin experience a major breakout above the $6 psychological resistance, it could spark panic among short sellers, pushing the price even higher.

Toncoin Price Forecast: $6 Breakout Still in Play

Despite facing stiff resistance at the $6 price level, Toncoin’s underlying market sentiment among short-term traders still appears to lean overwhelmingly in favor of bulls.

Based on current technical indicators, Toncoin price remains poised for a potential bullish breakout, as traders eye the $6 resistance level.

As seen in the TONUSD daily chart below, The Donchian Channel (DC), a volatility indicator that tracks the highest high and lowest low over a set period, highlights a tight range between $5.26 and $5.93. This narrowing range suggests that a breakout above $6 could trigger increased volatility.

Meanwhile, the Relative Strength Index (RSI), which measures momentum, currently sits at 55.14, just above the neutral 50 line. An RSI above 50 typically signals increased buying pressure, indicating bullish momentum is building.

The RSI’s upward trend suggests that if Toncoin can maintain its current levels, a push above $6 could materialize.

If TON price manages to close the session above its key $5.70 support level, Toncoin’s bulls could set the stage for a move beyond $6, with the potential for rapid price acceleration toward $7 due to tight short leverage placements.