As a researcher with a background in blockchain technology and crypto markets, I have been closely monitoring the developments surrounding The Open Network (TON) and its native asset, Toncoin (TON). Based on my analysis of recent trends and data, I believe that TON is an intriguing project that has gained significant traction among investors this year.
This year, The Open Network and its associated token, Toncoin (TON), have experienced significant interest from investors. Even with the present market slump, this momentum shows no signs of waning.
During the last month, TON experienced a roughly 23% increase in value and is aiming to regain its previous high of over $8. This upward trend has piqued the interest of large investors, known as “whales.”
TON Whales Remain Bullish
Based on recent information from well-known crypto analyst Ali Martinez, these whales have collectively purchased over 45 million TON within the past week, equating to approximately $346 million in value. This buying trend indicates growing confidence among investors in the token, despite a sluggish market overall.
As a crypto investor, I’ve observed that TON has recently moved up to the eighth position among the largest cryptocurrencies by market capitalization. This impressive feat surpassed Dogecoin, an OG meme coin that once held this spot. The rally was driven primarily by heightened network activity and substantial adoption. Furthermore, the introduction of several Play-to-Earn games on Telegram significantly contributed to TON’s rebound.
On June 30th, the total value locked in The Open Network protocol surpassed $700 million for the first time. This growth can be attributed to the rising popularity of blockchain gaming platforms like Notcoin, Hamster Kombat, and Yescoin, which have become significant contributors to the TON ecosystem. These games have attracted a large following among people looking to generate additional income.
As a crypto investor, I’m thrilled to share that after undergoing a rigorous audit by Kazakhstan’s Financial Services and Regulatory Committee (AFSA), TON has been given the green light for trading on approved exchanges. This approval signifies that TON has met all the necessary listing criteria. With this development, TON now joins an esteemed list of more than 100 government-approved cryptocurrencies, including the likes of Bitcoin, Ethereum, Polygon, TRON, Avalanche, and many others. This is a significant step forward for TON’s growth and recognition within the crypto ecosystem.
Telegram-TON Integration
One significant explanation why TON stands out during this market slump is its connection to Telegram, which grants it an added edge by utilizing the social messaging platform’s infrastructure and extensive user base. Yet, this partnership comes with two sides: a coin.
Previously announced, Yu Xian, the founder of SlowMist, has brought attention to the increasing number of phishing attacks on The Open Network. These attacks predominantly spread through group chats. Fraudsters use cunning strategies like fake airdrops to trick users into exposing their TON wallets, allowing them to steal assets.
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2024-07-01 14:26