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TON Shows Resilience Amidst Network Outage

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The TON network suffered a significant outage with no new blocks generated for nearly 3 hours. As per Tonscan data, the latest block was created at 06:11:46 UTC+8. Following that, deposits and withdrawals on major changes like Bybit and Binance were suspended citing network instability. This abrupt development came just days after the founder Pavel Durov was arrested and indicted in France.

Toncoin’s price has been on a rollercoaster ride in recent weeks, plummeting by over 22% after the arrest news. Durov, a 39-year-old Russian-born billionaire, and a prominent figure in the tech industry, was taken into custody at Le Bourget airport outside Paris. While the circumstances surrounding his arrest remain unclear, the incident has sparked concerns about the future of Telegram and its associated projects, leading to a sell-off in Toncoin.

However, amidst the uncertainty, there is a growing sentiment among investors that now presents a strategic opportunity to re-accumulate TON.

From a technical point of view, the token appears to be forming a strong support base between the 200-day Exponential Moving Average [EMA] and the 365-day EMA. Given the current price action, there is a possibility of a buying opportunity arising in the future. At present, the value of the token is hovering near the lower end of this range, which could indicate a potential rebound.

TON
Source: Coin Signals

TON CTO’s Arrest and Release Expectations

While Durov’s arrest has undoubtedly created some turbulence, a few believe that he was likely aware of the arrest warrant and may have taken precautions. Many believe that his release is imminent, which could potentially lift the pressure on TON’s price.

Investors who are considering accumulating TON are advised to do so within the current price range of $5.7 to $4.7. This strategic approach aims to capitalize on a potential rebound driven by both technical factors and the anticipated resolution of the Durov situation.

The target for TON’s price appreciation is set at 3x to 5x from the current levels. This ambitious outlook is based on the belief that the token has the potential to significantly outperform the broader cryptocurrency market in the long run, driven by its strong fundamentals and innovative technology.

TON Falls 20% Amid Durov’s Detention: Open Interest Rises, Traders Cautious

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The crypto market has been turbulent since news spread like wildfire that Pavel Durov, founder and CEO of Telegram and the driving force behind the $TON blockchain, had been detained in France.

The news of his detention, reportedly over allegations of failure to control content on Telegram, triggered a huge reaction in the $TON market. The price of $TON plunged 20% while open interest surged 55% on a spike in market activity dominated by short sellers and hedgers.

The abrupt decline in $ TON’s price has raised concerns among traders and analysts. The dramatic drop in value is substantial for a large-cap cryptocurrency like $TON, especially considering the nature of the news that caused it, according to crypto trader Daan.

The surge in open interest suggests that many traders are betting against $TON, likely expecting further declines. However, such a sharp reaction may be excessive. Market participants should exercise caution, particularly when dealing with rapid price movements.

TON Traders Warned Against Risky Strategies

Daan suggested that traders should be on the lookout for the “falling knife” strategy, which involves buying assets that rapidly lose value, hoping that the asset price will rebound. A chance exists that the new short positions might run into problems of either the market sentiment reversal or the momentum of the security becoming slow.

This possibility can cause a squeeze where the short sellers are compelled to buy back $TON at a higher price, which in turn causes the price to increase. However, in Durov’s detention context, which deals with regulatory and not criminal charges, it is likely that he can be released soon. With this, a release statement could mark the start of a positive reversal in $ TON’s price.

Historically, similar situations with high-profile figures have led to volatile price actions, often resulting in sharp rebounds once the initial shock wears off. For instance, past incidents involving Binance-related fears often saw price declines followed by recoveries once the uncertainty was resolved.

It should be remembered that there are various contexts in which market reactions can fail to be true. Despite the immediate news, the present market’s mood is reacting very quickly to detention, but it might also have other root problems. Therefore, an investor should expect erratic and fluctuating price movements for some time.

Related Reading | Crypto Market Insights: Key Events and Opportunities Amid Bearish Sentiment

TON’s User Base Explodes 10x in Just Months

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The TON [The Open Network] blockchain has made some rapid strides this year. Data from IntoTheBlock showed that the network has expanded from 3.6 million addresses with a balance on January 1st to over 39.5 million addresses as of now. This dramatic surge underscores TON’s growing popularity and adoption within the blockchain ecosystem.

TON
TON's User Base Explodes 10x in Just Months 3

The chart above showcases a steady and significant rise in the number of active addresses, which correlates with the overall price trend of the network’s native token. This growth trajectory suggests a robust future for the TON blockchain as it continues to attract more users and developers to its platform.

TON is a community-developed, decentralized Layer 1 blockchain built using technology built by Telegram. Recently, top crypto exchange Binance added the token to its platform, with trading live since August 8, 2024. Initially, deposits were activated, with withdrawals commencing on the next day, ie., August 9th. Available trading pairs include with BTC, USDT, FDUSD, and TRY, with no current listing fee.

TON Binance Integration

Although the listing looks promising for the token’s future, Binance has applied a “Seed Tag” due to the coin’s novelty and potentially volatile nature. Additionally, trading TON is subject to user location. Residents of specific countries including Canada, the United States, and Japan are currently restricted from trading the token on the crypto exchange.

In a related development, Tether, the issuer of the top stablecoin USDT, has integrated TokenPocket, a leading multi-chain wallet, on the Telegram Open Network. With this, the coin joins Ethereum and Binance Smart Chain on its list of supported blockchain networks.

Earlier, the leading stablecoin issuer leveraged the TON network to revolutionize the use of cryptocurrencies as a means of payment, offering users a seamless and convenient way to transact. As per the then-official statement, the move was deemed a “new era of accessibility, efficiency, and convenience for users worldwide”. This is because over $200 million worth of USD₮ has since been issued on TON’s blockchain. 

Experts Foresee Major Coins Surge Despite 4.25% Crypto Market Dip

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Rеcеnt globаl еconomic аnd sociopoliticаl еvеnts, such аs thе ongoing conflict bеtwееn Isrаеl аnd Hаmаs, hаvе significаntly аffеctеd thе finаnciаl mаrkеts. This turbulеncе hаs cаusеd а notаblе drop in thе vаluе of vаrious finаnciаl аssеts, including cryptocurrеnciеs. According to CoinMаrkеtCаp, thе globаl crypto mаrkеt cаpitаlizаtion hаs shrunk by 4.25% in thе lаst 24 hours, currеntly sitting аt $2.2 trillion.

Howеvеr, dеspitе thе short-tеrm bеаrish sеntimеnt, optimism prеvаils аmongst mаrkеt obsеrvеrs. Mаny еxpеrts аnticipаtе а significаnt rаlly on thе horizon, potеntiаlly commеncing lаtеr this yеаr аnd pеаking by 2025. Notаbly, psеudonymous crypto еducаtor аnd invеstor, Invеstor Bеn еchoеs this bullish outlook.

In а rеcеnt post, Bеn shаrеd а list of thе top tеn cryptocurrеnciеs poisеd for significаnt growth in 2024. This list includеs hеаvywеights likе Bitcoin (BTC), Ethеrеum (ETH), Solаnа (SOL), аnd Binаncе coin (BNB) аlongsidе mеmе coins Dogеcoin (DOGE) аnd Shibа Inu (SHIB). Nеwеr plаyеrs likе Artificiаl Supеrintеlligеncе Alliаncе (FET), Toncoin (TON), аnd Cortеx (CTXC) аlso find а plаcе on his wаtchlist.

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Bеn bеliеvеs thаt BTC could sее а surgе to bеtwееn $80,000 аnd $100,000 by thе еnd of thе yеаr. This would rеprеsеnt а significаnt incrеаsе of nеаrly 30% from its currеnt pricе of аround $61,692. Whilе Bеn did not offеr spеcific tаrgеts for Ethеrеum (ETH), thе world’s sеcond-lаrgеst cryptocurrеncy, his projеctions for othеr аltcoins pаint а rosy picturе.

Solаnа (SOL) is prеdictеd to lаnd somеwhеrе bеtwееn $600 аnd $1,000. Avаlаnchе (AVAX) is еxpеctеd to trаdе at $63, with Binаncе Coin (BNB) potеntiаlly rеаching $1,000 to $1,500.

Ben’s Meme Coin Forecast

Bеn’s prеdictions for DOGE аnd SHIB аrе pаrticulаrly notеworthy. Hе аnticipаtеs DOGE to rаngе from $0.67 to $1.45 аnd SHIB to rеаch а pricе point bеtwееn $0.05 аnd $0.09. Notаbly, for SHIB to touch thе lowеr еnd of this rаngе, it would rеquirе а stаggеring incrеаsе of 338,653% from its currеnt pricе of $0.00001476.

Additionаlly, Bеn аnticipаtеs thаt TON will trаdе bеtwееn $10 аnd $26, whilе CTXC is projеctеd to rаngе bеtwееn $0.64 аnd $1. Although hе finds thеsе cryptos intriguing, аnd аcknowlеdgеs thаt thеy rеmаin lаrgеly unchаrtеd tеrritory.

Whilе еxpеrts likе Bеn offеr vаluаblе insights, it’s importаnt to rеmеmbеr thаt thе cryptocurrеncy mаrkеt rеmаins highly dynаmic. Rеgulаtory chаngеs, invеstor sеntimеnt, аnd tеchnologicаl аdvаncеmеnts cаn аll plаy а significаnt rolе in pricе fluctuаtions.

Related Readings | Solana Tests All-Time High Against Ethereum Amid ETHE Outflows: Report

Tether Expands on TON: $200M USDT Issued

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Tether, the issuer of the top stablecoin USDT, has integrated TokenPocket, a leading multi-chain wallet, on the Telegram Open Network [TON]. With this TON joins Ethereum and Binance Smart Chain on its list of supported blockchain networks.

Earlier, the leading stablecoin issuer leveraged the TON network to revolutionize the use of cryptocurrencies as a means of payment, offering users a seamless and convenient way to transact. As per the then-official statement, the move was deemed a “new era of accessibility, efficiency, and convenience for users worldwide”. This is because over $200 million worth of USD₮ has since been issued on TON’s blockchain. 

Tether’s association with TON goes back to April, after adding native USDT on the network. Following this successful integration, the network has processed nearly $10 billion in total transfer volume, surging by an impressive 124% month-over-month from June.

Data sourced from Token Terminal showed that user activity has posted similar growth during this time. The total transactions jumped from 208 million in April to now over 627 million [up 200%]. At present, daily active users on TON stand at 482K. (up 231% since April).

Tether
Source: Token Terminal

Tether Increased Scrutiny

On the other hand, the TON Core team has dabbled in the wallet space by launching its W5 smart wallet standard in partnership with Tonkeeper, aiming to deliver gasless transactions on The Open Network blockchain. The upgrade to the layer-1 blockchain’s pre-existing wallet smart contract will allow users to use Tether for gas fees for USDT transfers and Notcoin for gas fees when transferring NOT.

The above developments underscore Tether’s commitment to revolutionizing cryptocurrency payments and solidifying TON’s position as a leading blockchain network. The leading stablecoin issuer is facing scrutiny from regulators around the world. This includes Markets in Crypto-Assets Regulation [MiCA] in the European Union, a financial regulation that he said would introduce more complexity for issuers and increased scrutiny on EU-licensed stablecoins.

As the regulatory structure regarding stablecoins in the EU remains contentious, key stakeholders such as Tether are proceeding cautiously but with optimism, hoping that regulations play in shaping the future of the industry.

Bitcoin Breaks $56K, Top-10 Cryptos Surge, Altcoins Skyrocket: Report

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The Cryptocurrency market has recently witnessed a substantial surge, with Bitcoin crossing $56K mark according to CryptoRank, a leading analytical platform. In the recent post on X, the platform outlined major market shifts and depicted the bullish trends in the top 10 cryptocurrencies.

Bitcoin has continued to trade strongly with a price above $56 000. This has increased market confidence because investors still remain interested in the possibilities of using Bitcoin as a digital currency. The increase in Bitcoin shows that the top 10 cryptocurrencies are also in the green zone.

Bitcoin Leads Market Surge

The price of Dogecoin (DOGE) increased significantly and rose by 13.7%. Close behind it, Toncoin (TON) registered a massive 13.5% and Solana (SOL) rose by 9.02%. These gains have helped in boosting the market capitalization by 2.54% Although the market was on an upward trend, the percentage of Bitcoin dominance fell slightly to 51.29%, down by 0.53%.

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The Fear & Greed Index which measures the market sentiment is currently at 26 putting the markets in the ‘fear’ zone. This index demonstrates the psychological state of the market, which affects trading and investment activities. The current fear level depict that investors are still being careful even with the positive direction of the prices in the market.

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A few other altcoins that are also in the limelight are some of the less popular ones making astonishing surge. Among the listed microservices, Pomerium (PMG) is the most dominant with a score of 49.8% increase. 

LayerZero (ZRO) comes in second place with a 39.6% increase, followed by Aerodrome (AERO) by 37.2%. COQ and POPCAT also experienced strong upward movement, with 38.5% increases in their values and 29.9% increases, respectively.

This is well captured by CryptoRank’s data and analysis of the cryptocurrency market, which is constantly shifting. The current price of Bitcoin and the rally of altcoins indicate that the market remains strong and has a chance to expand. Due to this, investors are in need of useful tools that can help them in making right decisions in the market and that is where CryptoRank comes in.

This wave of positive momentum in the cryptocurrency market is a double-edged sword. Therefore, it is recommended that investors keep abreast of the market and its dynamics in the future that would be determined by innovation, market attitude, and macroeconomic factors.

TON Price Near All-Time High, Anticipates Imminent Volatility Expansion: Report

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The popular analytics platform, CryptoQuant has provided a new signal suggesting that TON is due for a volatility spike. In a recent X post, the platform focuses on the fact that TON is now in a low volatility state, but a sharp change is expected in the near future.

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TON has been trading at its near-record high but has displayed more stability in the last few months even being almost at ATH. This stability can be seen from the upward trend in price while the volatility is decreasing, as can be seen from the blue bars in the chart below.

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TON’s Price Trends and Forecast

The data indicates that the current price range is slightly narrow as compared to the last 60 days. In the past, low-volatility environments have been succeeded by periods of high volatility and vice versa. Hence, following the current trends, an increase in the volatility is expected in the near future.

CryptoQuant’s analysts suggest relying on the other on-chain metrics to foretell the possible direction of this expected volatility. The analytical platform has furnished a complete set of these metrics and has appealed to the community to get ready for the next market shifts.

The present stable phase of TON is quite interesting given that this token is known for its high volatility. The price has been gradually rising while the volatility is decreasing, meaning that the market is entering a consolidation stage. This consolidation is very important as it usually defines the direction of a strong price movement up or down.

Market analysts pay close attention to various on-chain metrics including trading volume, active addresses, and transaction counts. These indicators give a detailed analysis of market sentiment and the direction that the prices may take. 

Other cryptocurrencies have also been characterized with low volatility and then sudden large price swings just like Bitcoin. Analyzing the history of the different digital assets, it has been seen that after a period of consolidation the prices either crash or spike. Thus, the current phase of TON could be characterized as a turning point for investors.

CryptoQuant’s observation of the volatility spike of TON is an important lesson that the cryptocurrency market is ever-changing. Thus, by using on-chain metrics and staying informed, investors will be able to manage the shifts in the near future. Thus, the market is poised for this possible volatility expansion, and being ready and planning ahead will be critical in making the most of the situation.

TON Soars in Popularity: Report Highlights Phenomenal Growth

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Leading crypto analysis platform, CryptoQuant, has identified TON as one of the significantly rising blockchain networks. In a recent X post, the platform revealed various on-chain indicators that prove the consistent and rather fast-growing progress of the TON project. Having such numbers elevated, TON is steadily progressing in the sphere inhabited by intense competition in the field of blockchain.

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CryptoQuant provides one of the most distinctive metrics highlighting the volume of transactions’ transfer through the TON-Blockchain. The total value of these transactions ranges from $5 billion to $10 billion implying that the volume of the transactions has been on the decline.

For perspective, Bitcoin processes about $50 billion in transaction volume per day. This means that coin has already provided almost 10 % of Bitcoin’s characteristics which is very significant given the fact that TON is four years old. This shows a continuously rising tendency in trust and utilization of the Blockchain for massive transfers of CDP.

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Rapid Growth in TON Token Holders

Another fundamental indicator to support the given claim regarding the token’s popularity is the number of on-chain token owners. CryptoQuant data also shows that the current active holders of TON are 32 million and similarly, it had 2.9 million a year ago. This means the holder’s count has increased tenfold in a year, showing the increasing pace at which people embrace and trust the token.

An increase in numbers of token holders evidences that there is an evident and continued uptick of blockchain platforms’ popularity. Every new user and investor attracted to the TON network increases its sphere which opens the way to new initiatives and improvements. This largest and growing base of holders increases the corresponding network’s reputation, as well as its reliability and future development opportunities.

The data unveiled by CryptoQuant indicates that the future of The Open Network looks very bright in this regard. Given that the transfer volume of TON and the number of token holders have increased to rather high figures. This is evidence of the network’s capacity to reach such an outstanding level of performance in a comparatively short time span, which testifies to its promising future and growing interaction with the cryptosphere.

As TON continues to expand from this position, it will continue to unlock even more value and use for its users. Being a rather sound network to perform in the market, along with gaining a rather decent popularity among potential clients, the network must necessarily attract additional investors as well as users. The movement that the token shows as described by CryptoQuant indicates a bright tomorrow for the blockchain as it gains recognition and support within the community.

Bitcoin Breaks $65K As Top Cryptos Struggle: CryptoRank Analysis

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The well-known analytical tool CryptoRank gave a detailed market outlook and focused on recent activity in the crypto sphere. The analysis provides a breakdown of the movements in the primary digital currencies while stressing the differentiation in the market.

The price of Bitcoin (BTC) has surpassed the $65,000 level, demonstrating growth in the context of a decline in the market. This surge also ramps up the dominance of Bitcoin in the crypto market, which is now at 52.32% which by comparison to the previous year is an improvement of 0.87%. 

While BTC is rallying, top-ten cryptocurrencies are struggling to trade in the green territory, as most are in the negative zone. Assets such as Dogecoin (DOGE) have dropped by around 8. 64% Solana (SOL) has dip from its value by 6.95%, while Shiba Inu (SHIB) has gain of 21%, Ethereum (ETH) has increased by 19% and Toncoin (TON) has declined by 6.64%. 

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Market Cap Drops, Bitcoin Dominates

The total market capitalization has gone down to $2.47 trillion, indicating a 2.59% decrease. However, Bitcoin’s rise has somewhat altered the mood slightly in the market, according to the Fear & Greed Index that right now is at 74, greed. This index indicates that although the investors are bearing the impacts of the general market, they still hope for the prices of Bitcoin to rise.

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Despite this general trend, there are several coins that, on the contrary, demonstrate substantial growth during the same period. AMU is up by an incredible 59%, while PepeFork (PORK) is 25.2% in the green, and affected (ELF) has risen by 19.4%. 

Also, Beefy (BIFI) rose by an impressive 15. 3% and Velodrome Finance, whose price increased by 13.6%. These top gainers make it possible for people to understand that there are many factors in the crypto market, and those global negative trends do not necessarily have to have a bad impact on all in the market.

According to CryptoRank, some findings imply that Bitcoin’s strength and extended ascendancy are responsible for its present outcome. Bitcoin was displaying a positive trend, on the other hand, the bearish trends that affected other major cryptocurrencies. This divergence could also be due to investors switching their crypto investments from Ethereum towards Bitcoin which is a relatively safer investment.

While Bitcoin proceeds to rise to a new high and crosses $65,000, the cryptocurrency market remains on a roller coaster. This is actually growing even sharper as other top digital currencies battle it out with their growth slowing down in equal measure. This makes for an exciting couple of years in the crypto industry as players and spectators observe Bitcoin’s movement and the reaction of the market .

TON’s $7.3 Level Breaks, What’s Next?

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Open Network’s TON has continued its giant strides, breaking through all-time highs. Recent insights by CryptoQuant showed that the token’s recent peak of $7.3 has been broken and turned into support. As long as that level sticks around, TON’s price trajectory looks optimistic. Using technical analysis, the prominent data platform has dived into the token’s support and resistance levels.

TON hit an all-time high, $7.3 turned support. A few days ago, the price peaked at $7.3, but that level has now been broken and turned into support. As long as that level sticks around, this is a really bullish chart. 

Traders can easily define support and resistance levels- points where the price sharply increases or decreases. These levels create strong indicators when the price encounters them again. Historically, technical analysis has proven effective for TON at various levels, such as $0.55, $1.9, $4.5, and $2.6.

A few days ago, TON’s price peaked at $7.3. Although this level has since been broken, it has now turned into a new support level. As long as the price remains above this support, the chart appears highly bullish, noted CryptoQuaunt analyst Maartunn.

“This method has proven effective in the past for various levels such as the $0.55-level, $1.9-level, $4.5-level, and $2.6-level.

TON’s TVL Hit ATH

In addition to its impressive price performance, TON blockchain’s total value locked [TVL] surpassed $600 million, reaching an all-time high. Since December, the TVL has skyrocketed from $11 million to $603 million. That’s an increase of a whopping 54x in just six months.

TON
TON's $7.3 Level Breaks, What’s Next? 17

Earlier the Telegram ecosystem token recorded a surge in its daily active address count surpassing those of Ethereum, thanks to the messaging app’s enormous user base of 900 million. Despite its fledgling ecosystem, TON’s steady growth looks promising, driven largely by the immense distribution power of Telegram. 

With Telegram’s support, the token has a unique advantage in terms of user reach and engagement. If the network can capitalize on this foundation and continue to grow its ecosystem, it could emerge as a formidable player in the crypto space