Toncoin (TON) Receives Market Whales\' Embrace, Targeting $10 Price Target

Toncoin (TON) is receiving a lot of attention due to the passionate embrace that market whales are giving the coin. Whales have reportedly

The market whale's passionate embrace of Toncoin (TON) is not going unnoticed. According to on-chain data from crypto analytics platform Santiment, whales have purchased over 45 million Toncoin in the past week. At current market prices, that's an estimated $346.5 million in TON.

Toncoin's market surge: Strong performance, global appeal fuel growth

The odds might be in Toncoin's favor right now. The protocol's Total Value Locked (TVL) recently hit $700 million, a strong indication that the coin could be eyeing its All-Time High (ATH) of $8.24, reports Coingape.

Toncoin has easily outperformed Bitcoin (BTC) and Ethereum (ETH) over the past month, with BTC down 9% compared to Toncoin's over $16.46 surge. The alternative crypto's strong performance has also seen it become the eighth-largest coin on the market.

Thanks to its appeal, Toncoin has also received the green light from the Astana Financial Services Authority (AFSA), which will be facilitating its entry into Kazakhstan. While the country isn't a major crypto market like the U.S., the approval does highlight TON's global appeal.

On the project front, Toncoin has been thriving with launches on its mainnet system. The digital money ecosystem, which includes ties to social messaging platform Telegram, has brought the project to another level.

Initiatives like Notcoin (NOT) and Hamster Kombat have been launching in recent months, both connected to Toncoin. The ventures were promoted as Play-2-Earn (P2-E) games and received massive support, with a spillover push from Telegram's audience.

Toncoin stands to benefit the most, considering that Hamster Kombat boasts a market cap of over $200 million.

Could a $10 TON price target be on the horizon?

Despite the alternative crypto seeing a huge spike over the last few months, analysts are optimistic that the best is yet to come.

The Toncoin ecosystem is expanding at a rapid rate, mirroring patterns seen earlier in Ethereum, BNB Chain, and Solana.

With more new and creative projects going live and demand for TON continuing to rise, Toncoin is likely set for further growth in the future. If TON does manage to cross its previous ATH, there could be a long-term push toward the $10 price range.

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