Although the crypto market sentiment has not improved much from the past-day reading, many digital coins’ prices have recovered a bit in the last 24 hours. As many cryptocurrency prices test the green zone today, Toincoin (TON) joined the class of gaining coins with an over 3% gain over the past 24 hours.
Toncoin’s price performance since February 21 could be due to the TON DAO validator vote to optimize the token’s tokenomics. The vote ended on February 23, with over 75% of validators voting for a temporary (48-month) freezing of dormant early mining wallets. As a result, 171 wallets with over $1 billion in TON got deactivated, freezing over 20% of the total token supply from circulation.
TON Price Action Amid Major Community Events
As an open network driven by community-based decisions, TON price can move with community events. The recent TON DAO vote is a typical example of such events. Toncoin’s price grew by over 1.5% on February 22 (from $2.35 to $2.46) after the community voted to freeze 1 billion coins. According to the report, Ton would not activate the frozen wallets until February 21, 2027.
Not only did the coin gain some percentage, but its trading volume increased from $24.9 million on February 21 to $30.1 million on February 23. Today, March 1, TON’s trading volume is $43.6 million at press time.
Aside from the vote for wallet freezing, there has been a few other developments on the Ton network. One example is Ton’s launch into the DeFi landscape. The Ton network has launched several DeFi projects, which contributed to increasing its Total Value Locked (TVL). Toncoin was previously launched on Polygon and activated yield tools, DEX lending, Uniswap, bridges, and reserve currency.
Ton Blockchain now executes over 200,000 average daily transactions, meaning more users are trooping into the network. These developments could be the reasons behind the TON’s recent price performances.
Toncoin (TON) Price Outlook: What’s next?
Toncoin prices have increased by nearly 12% within two weeks, suggesting the coin sustained most of its gains while beating the recent bearish trend in the crypto market. TON is doing well among other cryptocurrencies as it has increased 394.10% from its September 2021 all-time low of $0.519364. But it is still 51.5% away from its all-time high of $5.29 on November 12, 2021.
TON is outperforming the global cryptocurrency market with a 9.10% price gain over the past week. TON has also outdone other Ethereum, whose price has decreased by 0.90% over the past seven days.
At press time, TON is trading at $2.56, with a 24-hour trading volume of ~$43.67 million and a 3% price increase over the past day. It is uncertain where the Toncoin’s price could reach in the coming days since the crypto market is highly volatile nowadays.
However, the TON price is rising with bullish momentum, having seen five consecutive rallies, as indicated by the green candles on the chart. It has already surpassed the resistance level of $2.52, which suggests higher volatility, so a price of $3 is not far-fetched in the coming days.
Featured image from Pixabay and chart from TradingView.com
Source News from NewsBTC