The Telegram social media platform is fast transforming into a web3 hub through The Open Network (TON). After dethroning Cardano (ADA) from the top ten most valuable digital assets, Toncoin (TON) has now outshined Dogecoin (DOGE), the leading meme coin by market share and daily average trading volume. According to the latest market data, Toncoin had a market cap of about $24.45 billion, thus a difference of around $4 billion with Ripple-backed XRP.
Nonetheless, Dogecoin remains a favorite among most crypto investors, as it has 7.3 million non-zero addresses and a daily average trading volume of around $3.76 billion. On the other hand, Toncoin had a daily average trading volume of about $690 million.
What’s Making Toncoin Tick
The Toncoin ecosystem has been growing like wildfire, fueled by the hundreds of millions of Telegram’s daily active users. As of this report, the Toncoin network had a total value locked (TVL) of about $156 million, having already raised over $1.7 billion from key investors like DWF Labs.
The Toncoin network is committed to democratizing smart contracts through its decentralized financial (DeFi) platforms. Moreover, the Toncoin network is continually supporting web3 developers to build Dapps relatable to daily users.
TON Price Targets
With a fully diluted valuation of about $35 billion, the large-cap altcoin recently reached its all-time high (ATH) of around $7.6. Already in the price discovery phase, the TON price will register more gains in the coming weeks and months. Moreover, the Toncoin ecosystem is bolstered by heightened demand from institutional investors and millions of Telegram crypto investors.
With the weekly Relative Strength Index (RSI) of TON price against the US dollar having sustained above the 70 level, it is safe to assume more gains will be registered ahead. From an Elliott wave principle perspective, TON price on the weekly time frame is in the third wave, which is mostly longer than the first.