Toncoin (TON) Price Surges 14% as USDT Deposits Hit $500 Million

Toncoin Price Analysis

Toncoin price hit a weekly peak of $7.72 on June 25, up 14% in the last 7-days, market reports show that the rise of stablecoin deposits on the TON network could trigger more gains in the days ahead.

Toncoin Price Surges 14%, Defying Crypto Market Volatility

The global crypto market made another false-start to a 3rd consecutive week, shedding over $200 billion in market capitalization the close of Tuesday June 25. But curiously, TON, the native coin of the Telegram-linked blockchain, The Open Network, has managed to decouple from the negative trends in the wider crypto markets.

The chart above shows how TON price had surged 14$ from the last week’s lows to reach the $7.72 mark on June 25, before consolidating around the $7.60 level at the time of writing on June 26.

Market reports suggest that toncoin’s price rally could be attributed to the recent launch of Tether (USDT) stablecoin on the network. This has enhanced market liquidity and kept funds circulating within the Toncoin ecosystem, as investors no longer have to rely on other blockchains for on ramping and withdrawals.

USDT Circulating Supply on Toncoin Crosses $500M in 2 months

The circulation of USDT stablecoins on The Open Network (TON) has exceeded 500 million, as reported by The Block’s USDT supply dashboard. Specifically, there were 519.28 million USDT stablecoins on the TON network as of the latest update.

This milestone comes approximately two months after Tether introduced the US dollar-backed stablecoin on TON, alongside its gold-backed stablecoin, XAUT.

“The demand for USDT-TON is rapidly increasing, which is unsurprising,” noted The Open Network in a statement via its official Telegram channel. “The ability to seamlessly send digital dollars globally, akin to sending a text message, showcases the practical utility of USDT-TON.”

Earlier this month, the total value locked in TON blockchain surpassed $600 million, marking a doubling from just three weeks prior. Presently, TON’s total value locked has exceeded $670 million, according to DefiLlama data.

TON has gained significant traction this year as the favored platform for Web3 integration by Telegram, which boasts a user base exceeding 900 million worldwide.

The uptick in TON’s network activity can also be attributed to the growing popularity of crypto mini-games playable on Telegram. Games like Dotcoin, Catizen, and Hamster Kombat feature simple mechanics that allow users to earn in-game currencies, potentially leading to real token airdrops.

TONCOIN Price Forecast: $10 Rally in Motion

Additionally, Toncoin, the native cryptocurrency of the TON blockchain, has now emerged as the 9th largest cryptocurrency globally, with a market capitalization of $18.5 billion.

With the rising volume of liquidity triggered by the USDT launch, TON price looks set to attract even more demand and advance further toward the $10 mark when the broader crypto market trends flip bullish again.

The key resistance level to watch is around $7.88, marked by the Parabolic SAR indicator. If Toncoin can break above this level, it may advance further towards $10.

On the downside, the immediate support level is around $7.20. If the price falls below this, it could test the next support at $6.80, which has shown resilience in recent trading sessions.