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In a Sea of Decline, This Altcoin Keeps Rising – What’s Behind Its Success? Analysis Revealed
An expert in cryptocurrencies delved into the enigma of why one altcoin continues to surge while the rest of the market falters.
Author:
Mete Demiralp
16.06.2024 – 13:25
Update:
6 seconds ago
0
In a recent statement, Flow, an analyst at SwissBorg’s cryptocurrency platform, dissected the factors driving the upward trajectory of Toncoin’s (TON) value amidst the market downturn.
Flow highlighted key observations, such as the Total Value Locked (TVL) on the Ton Blockchain reaching all-time highs (ATHs) and the escalating number of daily active addresses. The surge in token transaction volume and holders further solidifies the altcoin’s growth trend.
Technically, TON is on a sustained uptrend and has recently broken out of a bullish consolidation phase, according to Flow. Additionally, the analyst pointed out TON’s notable strength relative to BTC.
In assessing TON’s performance, Flow remarked, “TON has surmounted various technological and regulatory challenges to reach its current position,” noting the growing interest from users, developers, and institutional investors in the chain and ecosystem.
Flow emphasized TON’s unique advantage of potentially tapping into its 900 million Telegram user base, stating that this alone warrants serious consideration of TON’s potential.
Despite promising applications within the ecosystem, Flow highlighted that these are still in the developmental stages. The integration of Tether was also underscored as a crucial aspect.
*This article does not constitute investment advice.
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