TON Blockchain\'s TVL Hits $600M, TON Price Targets $11 as Telegram Unveils New Advertising Feature

Toncoin, the native cryptocurrency of The Open Network (TON) blockchain, has recently experienced notable price appreciation and rapid growth in its ecosystem.

The native cryptocurrency of The Open Network (TON) blockchain, Toncoin (TON), has seen remarkable price appreciation and rapid ecosystem growth. After consolidating between $1 and $2 since 2022, TON’s price surged to a record high of $8.25 on June 15.

This achievement is further highlighted by a significant increase in the TON blockchain’s Total Value Locked (TVL), which has doubled from $300 million.

TON Blockchain’s TVL Hits $600 Million

According to technical analyst Kyle Doops, the TON blockchain’s TVL has experienced an unprecedented surge, reaching $608.65 million and doubling its value within three weeks.

Doops attributes this increase to TON’s integration with Telegram, which boasts a vast consumer base of over 900 million users. Protocols like DeDust, bemo, and Stakee have also seen substantial increases in their TVL, contributing to the growth of the TON ecosystem.

As reported by NewsBTC, Telegram introduced a new advertising feature that allows users to promote their channels through ad placements. To facilitate fast and secure ad payments and withdrawals, Telegram CEO Pavel Durov has chosen the TON blockchain.

In a statement, Pavel explained that users can now purchase ad space with Toncoins, and the revenue generated from ads will be shared with channel owners in Toncoin. According to the social media platform’s CEO, this approach creates a “virtuous cycle,” allowing content creators to reinvest revenue into channel promotion and upgrades.

Additionally, daily active wallets on the TON network have reached over 388,000, with monthly active wallets surpassing 5.5 million. Crypto researcher Leon Waidmann highlights that TON’s increase in active wallets even surpasses Coinbase’s Layer 2 (L2) BASE, setting a new standard for growth and adoption in the crypto industry.

Analyst Forecasts 40% Potential Breakout For Toncoin

Despite a slight decline of 1.2% over the past 24 hours, TON has seen a trade volume increase of 22%, indicating strong investor interest in the token, according to CoinGecko.

Over various time frames, TON has shown significant gains, with increases of 11%, 18%, and 22% over the past seven, fourteen, and thirty days, respectively.

In a bullish projection for the Toncoin price, crypto analyst Ali Martinez suggests that TON may be gearing up for a potential 40% breakout, targeting a price of $11.

However, the analyst adds that the TD Sequential indicator suggests a potential dip to $7.2 to gather liquidity before an upside move. In the near term, key support levels include $7.78, which has prevented a deeper retracement for the token and the $8.17 resistance.

The image used for illustrative purposes is from DALL-E, and the price analysis chart is from TradingView.com

News source：https://www.kdj.com/cryptocurrencies-news/articles/ton-blockchain-tvl-hits-m-ton-price-targets-telegram-unveils-advertising-feature.html

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