After its revival, Toncoin has seen remarkable growth in 2024. From a low of $1.87 at the beginning of the year, the TON network’s native crypto, TON, surged to an all-time high (ATH) of $8.28, marking a 342% gain.
Impressive Rally and Market Position
Toncoin’s rally is one of the most significant in the cryptocurrency market this year. This impressive growth has propelled TON into the top 10 cryptocurrencies by market capitalization, according to CoinMarketCap data. Currently, TON sits at $7.19 after weathering the recent crypto market collapse relatively unscathed.
Bullish Projections
The crypto community is increasingly bullish on TON, with many analysts projecting the altcoin could hit the $20 mark before the end of 2024.
Foundation and Rebranding
The TON Foundation has played a crucial role in this success. Previously known as “Telegram Open Network,” the project was rebranded to “The Open Network” after the departure of the Telegram founder. This strategic move has contributed to TON’s recent rise, fueled by significant bullish momentum.
Minimal Pullbacks Amid Market Volatility
Despite the market’s ups and downs, TON has experienced minimal pullbacks. The most significant dip occurred after the April rally, where the price dropped from $7.67 to $4.60 within three weeks. This 40% pullback found resistance at the 0.5 Fibonacci retracement level, triggering a bullish run that pushed the price to the current $8.28 ATH.
Current Performance and Market Cap
At the time of writing, TON is trading at $7.20 with a market capitalization of $18.08 billion. The Switzerland-based TON Foundation leads the network, with numerous contributors supporting Toncoin. The project offers instant payments, decentralized storage, and a domain name system (DNS).
Conclusion
Toncoin’s growth in 2024 has been nothing short of impressive. With analysts predicting a target of $20 by the end of the year, TON’s future looks promising. The consistent bullish momentum and strategic rebranding have positioned Toncoin as a strong contender in the cryptocurrency market.
