Toncoin’s breakthrough is due to the fact that quite a lot of developments were presented to the public in August. Home: TON Space. It is a non-custodial wallet based on TON Wallet, Toncoin’s standard wallet, that will allow you to gain more control over decentralized applications (dApps) developed for the ecosystem. With it, customers will be able to use sub-wallets (sub-wallets). This will allow you to store different assets (for example, cryptocurrency and NFTs) separately from each other. In the future, assets can be used directly in the Telegram messenger, which supports many Web3 applications developed in the Toncoin community.
It is worth noting that while
available only beta version of TON Space. In this connection, the Toncoin team actively engages developers to fix problems and bugs. The official release of TON Space is scheduled for the end of September 2023. That’s when the non-custodial wallet is expected to
will become available for all users.
In addition to TON Space, the Toncoin team is going to carry out a large investment expansion by the end of the year, covering a number of projects.
Investment in TonUP
Toncoin has its own investment division – TONcoin.Fund. The main task is to provide finance and advice to project developers within the TON ecosystem. This time, representatives of the fund decided to support the TonUP project, a platform whose main goal is to identify promising cryptocurrencies and support them.
TONcoin.Fund invested a six-figure sum in this venture. The exact meaning remains a secret. General Fund Reserves
constitute about $250 million
TonUP is not the only project that is going to be funded by Toncoin. Also, attention will be paid to Tali AI, Ledger app for TON, Optus DEX Aggregator and Gatto. Let’s touch on each in more detail in order to understand which areas of development are priority for Toncoin.
This is an artificial intelligence model, the main task of which is to support the work of developers. In doing so, Tali researches and analyzes information provided in white papers, YouTube videos, Slack conversations, chats, and messages. It is assumed that the development of the application will simplify the activities of new developers in the ecosystem.
Ledger app for TON
The main task is to integrate into the ecosystem
device from Ledger – Ledger Stax. The application will provide customers with more functionality related to NFT and Jetton transfers. It is expected to improve support for TON Connect for a more secure interaction with third parties.
Optus DEX Aggregator
This tool serves to improve decentralized trading on the TON blockchain. It is assumed that the process will be streamlined and the price effect reduced by collecting liquidity from various decentralized exchanges (DEXs). Thus, the aggregator will allow clients to conduct transactions at the best available prices, reducing the effect of slippage and ensuring uninterrupted trading.
This is a P2E (Play-to-Earn) game on the VK Mini Apps platform. Tamagotchis (virtual pet toys), city building and competitions are available here. The game will be presented on the TON blockchain to create NFT pets. The most active participants who will develop their Gattomons more efficiently than others are promised
remuneration in TON tokens.
All these initiatives led to the fact that investors believed in Toncoin. And what about the price at the beginning of September 2023?
August is the starting point for Toncoin for the second year in a row. In 2022, the cryptocurrency fell for four months. Everything changed in August, when Toncoin rose by more than 48% at once. A similar picture was observed in 2023. From March to July, the coin was declining, and in August, it jumped up by almost 46%.
With all the recent successes, Toncoin is still far from even reaching the highs of at least 2023, about 40%. If we talk about the maximum indicators of 2022 ($ 3.28), then they are even further away – about 73%. The price on Monday, September 4, fluctuates around $1.89.
Toncoin is in an uptrend. Growth is not recoilless: from August 16 to August 18, the coin lost more than 15% of its value. The fact that the price is above the 50-day moving average (indicated in pink) also indicates the predominance of bulls. The relative strength index soared into the overbought zone, which should alert investors. However, it is worth remembering that the RSI gives many false signals in a trending market. It is also worth noting that with the rise in price, the volatility of Toncoin also increased, as evidenced by the rise in the ATR indicator.
It is worth expecting further growth if the price rises above the $1.98 resistance level. If the $1.8 mark is broken, then the bullish forecast should be changed to bearish.
The growth in the value of Toncoin in August 2023 and the general decline in the value of other coins allowed the cryptocurrency to rise to 11th place in terms of market capitalization. As of September 4, the figure is $6.48 billion.
Thus, Toncoin is still far from its historical and annual highs. However, active changes within the cryptocurrency ecosystem itself in August 2023 led to a boom in demand for it. And due to the general stagnation in the crypto markets, this allowed Toncoin to get close to the top ten of all cryptocurrencies in the world.
This material and the information in it does not constitute individual or other investment advice. The opinion of the editors may not coincide with the opinions of the author, analytical portals and experts.
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.