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Toncoin Soars: From $1.62 To $2.52 In 7 Days, Bulls Eye $3 Mark

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Toncoin has been on a remarkable, bullish streak over the past week, making significant gains of approximately 35% in its price, as depicted in the weekly chart. Starting at $1.62 on September 11, it reached an impressive high of $2.52 on September 16, 2023. This surge has propelled Toncoin to the 9th position on CoinMarketCap, with a market valuation of $7 billion.

Source: Coinmarketcap

The bullish trend gripping TON began on September 11, trading at $1.62. In just a week, the coin soared to a high of $2.52 on September 16, signifying a substantial 35% price increase. At the time of writing, the coin is trading at $2.30, displaying resilience despite the volatile nature of the cryptocurrency market.

One of the key drivers behind its remarkable ascent is its impressive trading volume. Over the past 24 hours alone, Toncoin recorded a trading volume of $53 million, significantly surpassing its 20-day average volume. This surge in trading activity suggests heightened interest and momentum surrounding TON.

In the larger context, TON has exhibited an impressive 75.01% increase in value over the last 30 days, solidifying its position as a prominent player in the cryptocurrency market. While established tokens remain relatively stable, the coin’s rapid price appreciation showcases its potential to challenge more renowned counterparts.

Source: Coinmarketcap

Looking ahead, the major resistance level at $3 stands as the next significant milestone for Toncoin. If the current momentum persists, Toncoin could breach this crucial threshold in the coming days, further cementing its status as a cryptocurrency to watch.

Toncoin Stands Out Amid A Predominantly Bearish Market Sentiment

Despite a prevailing bearish sentiment in the overall market, Toncoin’s ability to shine amidst the broader consolidation is noteworthy. Investors are closely monitoring Toncoin’s performance as it continues to defy market trends.

Significant developments within the project complement Toncoin’s recent surge. The popular messaging app Telegram recently unveiled a crypto wallet developed on The Open Network (TON) blockchain. This wallet is now available to Telegram’s vast user base of 800 million people, a move that is expected to drive further adoption of Toncoin.

Additionally, at the TOKEN2049 event in Singapore, Steve Yun, President of TON Foundation, and John Hyman, CIO at Telegram, presented an ambitious plan to propel Web3 technologies into mainstream adoption. 

Emphasizing the need for seamless user experiences and improved distribution methods, the duo underscored the importance of making blockchain technology “invisible” to users, aligning with the principles of successful consumer tech products.

Related Reading | Bitcoin Could Reach $27,400 Soon, Says Whale Analysis

Telegram’s Crypto Wallet Signals New Era for Web3 on TON

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In a significant move towards embracing the world of Web3, the popular messaging app Telegram has unveiled its long-anticipated crypto wallet. This unveiling took place during the Token2049 event in Singapore, marking a milestone in the company’s journey towards creating a comprehensive Web3 ecosystem. What’s more, the social messaging application has chosen the TON blockchain network as its platform of choice for this new venture, a decision that has already had a substantial impact on the TON token’s value, causing it to surge by nearly 7%.

This exciting development means that the app’s 800 million users worldwide can now access a fully integrated crypto wallet, built on the robust and secure foundation of the TON blockchain. This integration has not only expanded the app’s utility but also boosted the TON coin’s attractiveness to investors and crypto enthusiasts.

Source: TradingView

The TON Foundation has outlined its commitment to support projects developed on its blockchain network by offering them priority access to the app’s advertising platform, Telegram Ads. This symbiotic relationship between the messaging giant and the TON blockchain network promises to create new avenues for innovation in the crypto space.

While the TON wallet feature is already available in the app’s settings, the global rollout is scheduled to commence in November of this year. It’s worth noting that the rollout will exclude the United States and a few other countries due to regulatory considerations.

Telegram’s SEC Lawsuit and Settlement

Telegram’s journey towards integrating a TON-based crypto wallet was initially set in motion back in 2019. However, the process hit a roadblock in 2020 when the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Telegram. The SEC alleged that the app’s $1.7 billion initial coin offering (ICO) constituted unregistered securities. Ultimately, Telegram reached a settlement with the SEC, agreeing to pay an $18.5 million fine and return any unspent funds to investors.

Now, with this renewed partnership between Telegram and the TON Foundation, both parties are aiming to build a robust Web3 infrastructure within the messaging platform. The creators of this initiative have set their sights on resolving onboarding issues and creating a user-friendly gateway to the world of cryptocurrencies for all Telegram users.

As the crypto world continues to evolve, Telegram’s bold move into the blockchain arena is poised to accelerate the adoption of digital assets and further solidify the company’s position as a pioneering force in the world of technology and communication. With the integration of the TON-based crypto wallet, the stage is set for a promising future for Web3 on Telegram’s platform.

Telegram’s TON Sees 45% Surge in August Amidst Growing Ecosystem

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Telegram’s TON coin experienced a surge of 45% during August. This surge follows the recent surge in the popularity of Telegram Bot apps this summer, such as the notable Unibot, which has rivaled the revenues of prominent DeFi protocols.

Notably, these Telegram Bot apps serve as interfaces to Ethereum protocols. While they don’t directly utilize the TON blockchain, they have paved the way for a fresh user experience centered around messaging apps and simplified blockchain interactions. The ecosystem’s vitality has extended beyond the success of Unibot and its counterparts. Emerging gaming and DeFi activities indicate a growing momentum within the ecosystem. 

One of these projects, 8XR, has been drawing attention with a focus on gaming, boasting around 30,000 Monthly Active Users (MAUs) and 200,000 sessions within the past month. Additionally, TON’s decentralized exchanges (DEXs) have recorded a total value locked (TVL) of approximately $6 million, attracting 21,000 unique users.

TON Price Prediction

As per CoinMarketcap, Toncoin is trading at $1.82, featuring a 24-hour trading volume of $26 million, a market cap of $6.14 billion, and a market dominance of 0.58%. The 24-hour trading volume shows a 16% boost, while the coin price increased by 5%.

The Fear & Greed Index, a widely watched metric, currently stands at 40, indicating a notable state of fear in the market. Investors and traders are closely monitoring the developments in the cryptocurrency space as these indicators suggest a cautious approach is warranted.

Taking a closer look at the short-term price forecast, analysts are turning to classical pivot point calculations to identify key support and resistance levels, for TON support levels are projected at $1.808014 and, notably, at $1.772479. These levels are seen as crucial in determining the coin’s ability to withstand downward pressure and potential price declines.

Conversely, resistance levels are identified at $1.923550 and $1.999085. These resistance levels are indicative of the challenges that TON may face as it attempts to make upward price movements and regain lost ground. Traders and investors will be closely watching these resistance levels as potential turning points in TON’s price action.

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Stellar’s Surprise Surge: Will Short Squeezes Propel XLM Higher?

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Santiment, a prominent cryptocurrency analytics platform, highlighted Stellar (XLM) as the standout asset to watch in the new week due to its potential for a mini breakout. As of today, XLM has surged by an impressive 8%, catching the attention of traders and investors.

Stellar (XLM) has attracted consistent shorting activity among traders in the crypto community, indicating their belief in a potential price­ decline. This creates a situation where short squee­zes and liquidations may occur, leading to a rapid increase­ in XLM’s value.

Santiment’s twe­et also suggest closely monitoring a few other assets: $TON, $XMR (Monero), and $ARB. These cryptocurrencies might also show significant price­ movements in the coming days, which could make­ them appealing options for traders looking for opportunities in the volatile cryptocurrency marke­t.

Stellar (XLM) Recent Performance & Price Volatility

According to the latest data from CoinMarketCap, Stellar (XLM) is trading at $0.122584, boasting a remarkable 24-hour trading volume of $167,967,503. This impressive trading volume indicates a staggering 120% increase in market activity, reflecting growing interest in the asset.

CoinMarketcap

In the past 24 hours, Ste­llar witnessed a significant increase­ in price, amounting to 5.70%. Additionally, over the span of a week, it displayed a rise of 3%. Curre­ntly ranked 22nd on CoinMarketCap, Stellar boasts a marke­t capitalization of $3 billion. Moreover, it has an impressive­ circulating supply of 27,464,247,989 XLM coins and a maximum supply of 50,001,806,812 XLM coins.

Regarding market sentiment, technical indicators suggest a neutral outlook, while the Fear & Greed Index stands at 40, indicating a state of fear among investors. Stellar’s recent performance includes 13 out of 30 (43%) green days, with a price volatility of 7.22% over the last 30 days.

The general sentiment in the Stellar price prediction landscape is neutral, with 20 technical analysis indicators signaling bullish and 10 signaling bearish signals.

Looking ahead, according to CoinCodex, Stellar’s 200-day Simple Moving Average (SMA) is expected to rise in the next month, reaching approximately $0.108896 by October 3, 2023. 

Additionally, the short-term 50-day SMA is estimated to reach $0.122491 by the same date. However, the cryptocurrency market continues to offer exciting opportunities as traders and investors gear up for the week ahead. At the same time, those assets mentioned by Santiment are certainly ones to keep an eye on for potential price volatility and breakout potential.

Related Reading | India’s NPCI Seek Blockchain Expertise in Revolutionizing Payment Systems

Crypto Weekly Recap: Bitcoin & Ethereum Hold Strong While Altcoins Shows Gain

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During the pre­vious week, the landscape­ of cryptocurrency markets expe­rienced a primarily optimistic trend. Bitcoin and Ethe­reum exhibited re­silience by maintaining their resistance le­vels, while Altcoins surged with mome­ntum, showing significant increases in their we­ekly performance. This colle­ctive movement within the­ market indicates potential for ongoing e­xpansion in the near future.

Among the top 100 cryptocurre­ncies, several Altcoins distinguishe­d themselves as the­ most notable gainers of the we­ek. THORChain (RUNE) took the lead, close­ly followed by Toncoin (TON) in second place. Notably, Pe­pe (PEPE) secured its position in third place­ due to remarkable growth.

THORChain (RUNE) has been making a distinct mark in the cryptocurrency market, showing a remarkable 50% surge over the past week and displaying bullish indicators. Currently, RUNE is trading at $1.41, showing a notable increase of 6.13% in the last 24 hours. The cryptocurrency reached a peak of $1.43, demonstrating strong and remarkable performance.

Source: CoinMarketcap

On another note, Toncoin (TON) has been attracting attention as a top weekly performer. Over the past week, TON experienced an impressive surge of approximately 16%. As of now, TON is trading at $1.39, having reached its peak at $1.45, indicating a robust and noteworthy performance. In the last 24 hours, the token has experienced a 1.15% increase, while its trading volume has increased by 27%.

Source: CoinMarketcap

Additionally, Pepe (PEPE) has also recently gained significant attention, with an above 15% weekly gain. The token’s price has reached a high of $0.000001417. Currently trading at $0.000001353, the token’s 24-hour trading volume increased by 6.82%.

Source: CoinMarketcap

Moreover, some popular coins are experiencing gains in weekly charts, including ApeCoin (APE) at 11.15%, SHIB at 9.35%, and Mina (MINA) with an increase of 7.53%, according to the data from CoinMarketcap.

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

Bitcoin’s pushback above $30k instills confidence in crypto markets. Throughout the pre­vious week, Bitcoin maintained its promising position, distinguishing itself from the behavior e­xhibited by other cryptocurrencie­s.

Source: CoinMarketcap

Santiment re­cently tweete­d about Bitcoin’s resurgence to $30.3K, de­spite declining equitie­s and a strengthening dollar. The twe­et highlighted the significant profit-taking activity, which re­ached its peak in over thre­e weeks. Additionally, it pointe­d out that Bitcoin addresses have se­en an average incre­ase of more than 20% in the past ye­ar.

Ethere­um (ETH) retains its uniqueness, trading be­tween the price­ range of $1,800 and $1,900. According to Santiment’s recent update­, Ethereum’s top 10 addresse­s have experie­nced growth, accumulating a larger portion of the coin supply. Ove­r the span of five years, the­se 10 addresses’ owne­rship of Ethereum has increase­d significantly from 11.2% to an impressive 34.6% of the total circulating $ETH. This accumulation adds 27.86 million $ETH, which translate­s into a substantial value of $51.6 billion.

Source: CoinMarketcap

According to CoinMarketCap, Bitcoin is currently trading at $29,351.10, with a 0.89% increase over the past seven days and a 0.08% decrease in the past 24 hours. On the other hand, ETH is being traded at $1,844.97, experiencing a 0.17% decrease in the past 24 hours and a 0.56% increase over the past seven days.

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Bitcoin Reclaims $30.3K As Altcoins Surge Amidst FOMO Buzz

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In a recent crypto market update, Santiment, a well-known cryptocurrency analytics firm, has reported that Bitcoin (BTC) has managed to rebound strongly, reaching a price of $30,300, even in the face of a slump in equities and a rising dollar. The firm has advised investors to closely monitor the ongoing trend of high profit-taking activities, which have now reached their peak in more than three weeks.

Remarkably, Santiment’s data indicates that Bitcoin addresses have witnessed a remarkable increase of over 20% on average within the past year alone, suggesting sustained interest and participation in the cryptocurrency.

Furthermore, in a subsequent tweet, Santiment highlighted that the resurgence of Bitcoin above the $30,000 mark has instilled renewed confidence in the broader cryptocurrency markets. As a result, numerous alternative cryptocurrencies, or altcoins, are exhibiting signs of revival.

The analytics firm has urged market observers to pay close attention to the levels of Fear of Missing Out (FOMO) if prices of cryptocurrencies continue to surge throughout the day. Noteworthy altcoins, such as SOL (Solana), TON, and HBAR (Hedera Hashgraph), are particularly standing out as assets that are experiencing robust upward momentum, generating optimistic narratives for their future performance. 

Additionally, according to data from CoinMarketcap, the overall marketcap of the crypto market is up by 1.94%, reaching $1.18 trillion, in the last 24 hours. It indicates a potential shift towards a more bullish sentiment within the crypto space. 

Bitcoin Bounces To $29.8K After Resistance Test

After encountering a crucial resistance level, the prominent digital coin, Bitcoin (BTC), experienced a subsequent dip, retreating to the $29,000 mark. At present, BTC has rebounded slightly, with its trading value positioned at $29,796.03. A glance at both the daily and weekly charts reveals positive trends, as the figures illuminate gains of more than 2% and 0.70% respectively.

Adding to the intrigue, the trading volume over the last 24 hours has displayed a significant surge, experiencing a remarkable 60% boost and ultimately reaching an impressive $21.61 billion. Amidst these market dynamics, a notable voice has chimed in. 

Timothy Peterson, the Investment Manager at CaneMacro, took to Twitter to share his optimistic projection. In a bullish tweet, Peterson underscored the significance of Bitcoin’s “Lowest Price Forward” trend, emphasizing that periodic dips have historically followed bear markets.

Peterson’s message carried a tone of reassurance, advising observers to maintain faith in Bitcoin’s trajectory. He stressed that bear markets warrant patience rather than doubt, and predicted that Bitcoin remains less than 1000 days away from breaching the $100,000 milestone.

Related Reading | Binance Breaks New Ground: Becomes El Salvador’s First Fully Licensed Crypto Pioneer

Telegram and SEC Courtroom Tale Ends with $1.2 Billion Settlement

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Federal judge Kevin Castel signed the final ruling in the Telegram and SEC courtroom tale on June 26. The last court ruling by the New York Southern District Court ordered Telegram to reimburse investors up to $1.2 billion after the Telegram Open Network ICO collapsed.

The United States court approved the final judgment of a lengthy court battle between the Securities and Exchanges Commission and Telegram yesterday. The protracted court battle began when the SEC ordered Telegram to cease distributing its imminent GRAM tokens to the investors.

In a statement regarding the conclusion of the case, the SEC said:

“New and innovative businesses are welcome to participate in our capital markets; but they cannot violate the registration requirements of the federal securities laws.”

SEC demands fines in millions of dollars

In a judgment proposal by the securities regulator on June 25, the authority requested the federal Court to demand fines in millions of dollars from the several defendants connected with the lawsuit. 

Moreover, Telegram accepted to repay $1.2 billion to TON investors and penalties to the Securities and Exchange Commission. Of the total amount, $1.19 billion represents the amount paid by the defendants as ending total; the initial contract agreement to refund investors.

Telegram and SEC courtroom tale awaiting penal settlements

On the other hand, Telegram is inclined to pay $18.5 million in civil penalties. According to the SEC, the penal fees should be settled within thirty days after the approval of the judgment proposal. As per the consent reached on June 11, Telegram has agreed to pay the $18.5 million. The agreement, approved by the court, finally puts the Telegram and SEC courtroom tale to an end after a long period.

In conclusion, if Telegram fails to settle the amount in thirty days after court approval, the SEC may implement the Court’s ruling for disgorgement and civil penalty by going for civil contempt. 

Chinese TON Community to Roll Out Telegram’s Ditched Cryptocurrency Project

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The Chinese TON (Telegram Open Network) community group is among a number of community-led actions to roll out the rejected Telegram Open Network. In an announcement made on May 29, the Chinese TON group announced that it would launch its own network, less than a month after Telegram had been forced to ditch its blockchain project.

Telegram has been developing the ditched TON project since 2018. The CEO and co-founder of Telegram, Pavel Durov, envisaged the Telegram Open Network as a way of sending digital currency to its 400 million Telegram messenger users.

The ambitious blockchain was set to be launched back in October 2019, but the date was postponed due to the pending SEC lawsuit that criminalized Telegram’s $1.7 billion ICO. Eventually, the case turned out to be the end of the TON blockchain project after a few months in court. Telegram had no choice but to abandon the entire project together. And to refund their money back to the investors.

Chinese TON community trying to keep TON project alive

The Chinese TON community is among a number of communities aiming to continue with the TON blockchain project. In particular, there is Free Ton and New TON, two of whom want to set the Telegram Open Network going, using the open-source code availed by Telegram.

According to Mitja Goroshevsky, the co-founder of TON Labs and an ex-developer of the ditched TON project, he does not feel intimidated by the Chinese TON community. He said that the success of a community-led TON project “will and should be merit-based.” He added that there are only benefits to be gained.

Nevertheless, the Chinese led group might want to pass-on, as Free TON was rolled out back on May 7. Additionally, the TON Labs founder anticipates the entire network to launch in over a month, with cryptocurrency exchange platforms already revealing their interest in the native token, TON Crystals.