Toncoin (TON) Climbs 20% – Here’s What’s Pushing The Price Up

Toncoin (TON) is currently on the upside with the token experiencing a nearly 20% uptick since last week, gaining the attention of investors and traders as developments continue to rack up some hype. Although the market retraced by a percent in the 24 hours, this has led to the altcoin market recovering by a significant margin. 

TON’s upward climb might continue in the coming weeks as developments proceed. In this case, investors might be able to gain more, but the market’s retracement might be a hint of what is to come. 

Ton Keeper, the platform’s native crypto wallet, has integrated a decentralized application (dApps) browser on Telegram, the instant messaging platform. This is a huge move on the side of TON as opening access to dApps through a couple of screen touches has opened a huge floodgate for the platform. 

@tonkeeper launches dApps Browser in Telegram!

The Tonkeeper dApps browser is now live on Telegram, bringing dApps directly to users. Through Tonkeeper wallet’s integrated browser, you can easily access tools, games, and DeFi products, enhancing your Web3 experience.

To… pic.twitter.com/RgE8EBNFIJ

— TON (@ton_blockchain) September 13, 2024

According to CryptoQuant, stablecoin liquidity on-chain has gone up significantly after TON integrated USDT on Telegram. USDT supply on TON ballooned to $729 million in four months. Telegram’s ubiquity has reshaped the stablecoin landscape on TON as it is used in retail activities.

CryptoQuant has also noted the platform’s low transaction fee which makes the platform attractive for users of the platform. Decentralized exchanges are the major source of stablecoin activity on the platform. The implementation of the dApp browser will also increase liquidity on the platform as it makes access to necessary DeFi services easier for its users. 

In addition to this, TON has also been listed on Revolut, a fintech platform, making it available to 45 million users globally. This will significantly help the platform in gaining recognition on the retail investor side. As TON’s recent developments mature, it may help in the long-term performance of the token. 

Although TON has gained a lot of ground against the bears as the market pulled the token upward, the short term is still a blur for investors and traders as the market’s retracement scares investors. 

However, TON’s relative strength index (RSI) has yet to face any major flip in momentum. The TON market is still majority bearish with the bulls only gaining moments of overwhelming force which lead to gains. 

In this case, investors and traders should be cautious of TON in the short term as the token can be influenced to retrace even further. TON bears are expected to attempt a breakthrough on the $5.5 support level. If they are successful, the bears might have an open door towards $5.1 

Featured image from Pexels, chart from TradingView