Price: $0.39515 2.719%
Market Cap: 58.05B 1.7554%
Volume (24h): 8.55B 0.4%
Dominance: 1.7554%
Price: $0.39515 2.719%
Market Cap: 58.05B 1.7554%
Volume (24h): 8.55B 0.4%
Dominance: 1.7554% 1.7554%
  • Price: $0.39515 2.719%
  • Market Cap: 58.05B 1.7554%
  • Volume (24h): 8.55B 0.4%
  • Dominance: 1.7554% 1.7554%
  • Price: $0.39515 2.719%
Home > Information news > Toncoin price rallies as TON flips Avalanche, Polygon on key metric

Toncoin price rallies as TON flips Avalanche, Polygon on key metric

Release: 2024/07/03 00:06 Reading: 957

Original author:crypto.news

Original source:https://coinmarketcap.com/community/articles/66840ec3a7945c6b532844b6

Toncoin Surge Continues Amidst Robust Ecosystem Growth and User Demand

Toncoin has been steadily approaching its all-time high as the ecosystem expands and user demand rises.

Toncoin's Rise to Prominence

On Tuesday, TON reached $8.10, marginally below its record-high of $8.30. Since 2023's lows, it has surged by nearly 800%, pushing its market capitalization to approximately $20 billion.

TON Ecosystem Thrives

The TON ecosystem has experienced significant growth across multiple sectors. It has rapidly gained traction in decentralized finance (DeFi), becoming one of the major players.

DeFi Llama data reveals a 70% increase in the ecosystem's total value locked (TVL) over the past 30 days, reaching $1.13 billion. This surge has propelled TON to the eighth-largest blockchain, surpassing notable platforms such as Avalanche, Polygon, and Optimism.

Within the TON ecosystem, multiple dApps have witnessed robust activity. DeDust's TVL has skyrocketed by almost 300%, while other platforms like STON.fi, Tonstakers, and Stakee have seen growth exceeding 30%.

Toncoin has also become a widely staked token. According to StakingRewards, its staking market cap has climbed to $4.7 billion, making it the industry's ninth most staked token.

Tap-to-Earn Ecosystem Thrives

Toncoin's performance has been further fueled by the exponential growth of the tap-to-earn ecosystem.

Notcoin, the publicly traded tap-to-earn platform, has achieved a market cap exceeding $1.4 billion. TapSwap, another rapidly expanding game, has amassed over 60 million users globally.

Hamster Kombat, the Russian-linked game, has become the industry's fastest-growing game with over 200 million users. Its YouTube channel has broken records, gaining over 30 million subscribers and garnering over 500 million video views within a month.

Other tap-to-earn platforms, such as AvaCoin, DotCoin, and YesCoin, have also witnessed substantial growth due to their ease of use and potential for significant rewards through airdrops.

Airdrop Anticipation

The upcoming airdrops on the TON Blockchain from various tap-to-earn networks are expected to further boost activity.

Volume Concerns

Despite Toncoin's impressive growth, volume risks exist. Its daily volume has remained below $800 million since June 15th, which is considerably low for a $20 billion token. Smaller tokens like Pepe and Dogwifhat have witnessed higher daily volumes.

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