Toncoin (TON) has more momentum than the community assumed as the asset rose amidst Telegram’s chaotic drama. Pavel Durov was recently put behind bars by French authorities.
While Toncoin did take a hit during events, TON was seen recovering. The asset dropped by over 15% throughout the week, going from a high of $6.86 to a low of $5.09. At press time, TON was trading at $5.54, with a 3.84% surge over the last 24 hours.
Also Read: Solana Eyes September Surge as Rate Cuts Can Propel SOL
Toncoin’s Recovery and Future Predictions
On-Chain Metrics and Investor Interest
It wasn’t just the price that spiked; the asset’s on-chain metrics also saw a spike. CEO Durov’s arrest unintentionally sparked investors’ interest as it attracted a wave of new users.
According to data from IntoTheBlock, the Toncoin network saw 43.08 million active funded addresses before Durov was arrested. The number has now increased by one million, reaching 44.02 million. This suggests that in the three days following Durov’s arrest, the number of TON wallets that have been funded has increased by almost one million.
Also Read: BRICS Countries Dominate List of Top 10 Fastest-Growing Economies
Toncoin’s September Rise
According to data from Changelly, cryptocurrency experts predict that Toncoin might hit a high of $10.04 in September 2024.
This would be a new all-time high for the cryptocurrency. The altcoin is currently 32% below its peak of $8.24. Meanwhile, the altcoin might also dip to a low of $9.69. The estimated average Toncoin for September 2024 is around $9.87.
Despite the asset’s recent growth, a staggering 72% of TON’s holders were under a loss. Sadly, only 16% were making money at the current asset price.
Also Read: Kamala Harris Economic Advisor Confirms Plan to Tax Unrealized Gains
Related articles
A possible rise in the coming month would put more of TON’s owners at a profit.
Credit: Source link
