Toncoin (TON) Enters Top 10 Crypto Rankings, Overtaking Cardano, Shiba Inu: Here’s Why

Toncoin (TON) price surged 7% to hit $7.63 on Thursday, June 13, 2024, while its market cap surged to $18.6 billion, on-chain data analysis reveals the organic catalysts behind TON bullish uptrend.

Toncoin Outperforms Markets Average With 7% Price Surge

Hot topics like Artificial intelligence, Exchange traded funds (ETFs) and Real World Asset tokenization (RWA) have dominate the crypto media narratives in the 2024, however the Toncoin ecosystem growth is fast-becoming a force to reckon with as well.

Powered by the Telegram social media network, innovative projects built on the Toncoin ecosystem have transformed different areas of blockchain space ranging from gaming to social trading.

Toncoin made yet another giant stride this week, posting a blistering growth performance on June 11, while the rest of the crypto market grappled with the aftershocks from the hawkish macro economic indices reported this week by US authorities.

The chart above clearly depicts how TON price surged 14% from the lows recorded on June 11 to hit the daily timeframe peak of $7.63 on June 12. The latest upswing bring Toncoin’s June growth performance to the 23% market.

Meanwhile, the TOTALCAP chart (highlighted in blue) shows how the global crypto sector has shrunk by 4%, during that same period, shedding over $99.4 billion in market capitalization.

Notably, following the resilient price performance this week, Toncoin has now dislodged Cardano (ADA) and Shiba Inu (SHIB) to claim its new position as the 9th largest cryptocurrency project by market capitalization.

 

As per CoinMarketCap data, TON circulating supply is now worth $18.4 billion, pushing ahead of ADA ($15.3 billion) and SHIB ($12.7 billion) in 10th and 11th place respectively.

Toncoin Driven by Organic Growth in Network Usage

Looking beyond the recent price action, the Toncoin’s recent uptrend can be attributed to the steady growth in network usage observed over the past month.

On-chain data shows that Toncoin has attracted a steady influx of new active investors over the past month. This narrative is affirmed by Santiment’s Total Amount of Holders chart below, which tracks real-time changes in number of funded wallets on a blockchain network.

As seen above, a total of 16,695 unique wallets held units of Toncoin as of May 1 2024. But since the number of active TON holder has continue to rise at a progressive rate.

Consequently, that figure has now ballooned to 21,800 active TON wallets at the time of publication on June 13.

This 30% increase in the number of new funded wallets over the last 45-days signals that new investors are not only joining the Toncoin network, but they are also bringing fresh capital, buying copious units of TON to participate actively within the ecosystem.

This largely explains why TON price action has outperformed the market average in June 2024.

TON Price Forecast: Next Stop $10?

Toncoin price is on course to close above the $7.50 support level for the second consecutive trading day. With the growing influx of new investors, TON bulls are well-poised to stage a decisive breakout towards new all-time highs above $10.

In terms of short-term resistance, the upper-limit Bollinger band technical indicator highlights the $7.75 territory as the major roadblock.

But, as other mega cap crypto assets struggling for traction, TON holders have have low incentives to sell within the current market dynamics.

Hence, if bulls sustain the buying pressure, TON price is likely to flip the $7.75 resistance and edge closer to the $10 mark in the days ahead.

Conversely, n the downside, the Toncoin bulls must defend the $6.87 price level to avoid losing the upward momentum