Toncoin (TON) is in the spotlight with the coin facing an intense embrace from market whales. On-chain metrics showcased by crypto analytics platform Santiment hinted that whales have bought more than 45 million Toncoin over the past week. This 45 million TON is worth around $346.5 million at the current market price.

Whales have bought more than 45 million #Toncoin $TON over the past week, worth around $346.5 million! pic.twitter.com/P3UKHHjHcU

— Ali (@ali_charts) June 30, 2024

The Toncoin Metrics and Attractiveness

The odds according to many analysts are in favor of Toncoin at the moment. Recently, the protocol hit $700 million in Total Value Locked (TVL), a milestone that suggested the coin might regain the $8.24 All-Time High (ATH).

Toncoin has remained an outlier in the market, outperforming the duo of Bitcoin (BTC) and Ethereum (ETH) in the past month. While Bitcoin is down by 9% within the time span, Toncoin has jumped by more than $16.46. As a top performing altcoin, TON has solidified its position as the 8th largest coin in market.

The attractiveness of Toncoin has also made it bag an approval from the Astana Financial Services Authority (AFSA). The regulatory body has officially approved Toncoin for trading in Kazakhstan. While Kazakhstan is not a major crypto market compared to the United States, the approval underscores the global appeal of TON.

Toncoin is also thriving with respect to the projects launching on its mainnet. The digital currency ecosystem, with its links to the Telegram social messaging platform has set the project on a different pedestal. Over the past few months, Toncoin has seen the emergence of projects like Notcoin (NOT) and Hamster Kombat.

These projects were branded as Play-2-Earn (P2E) games with massive embrace in a spillover push from Telegram’s audience. With Hamster Kombat boasting of over 200 million, Toncoin comes off as the biggest beneficiary.

Is $10 TON Price Target Ahead?

Despite the massive surge the altcoin has recorded over the past few months, analysts are optimistic that the best is yet to come. In alignment with similar trends from Ethereum, BNB Chain and Solana, the Toncoin ecosystem is growing at a very fast pace.

With more innovative projects going live and the demand on TON growing, chances are Toncoin will still see more growth push ahead. Should TON beat its previous ATH, there might be a speedy rally toward the $10 price mark in the long term.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.