The cryptocurrency world has a new rising star – Toncoin, the native token of The Open Network (TON) blockchain. In a remarkable turn of events, TON has soared past established players like Cardano (ADA) to secure the ninth spot by market cap among all cryptocurrencies early last week. The recent surge can be attributed to the burgeoning TON-based economy within the messaging app Telegram, according to Justin Hyun, director of investments at the TON Foundation. In February, Telegram introduced an advertising revenue-sharing system that pays out exclusively in TON to channel owners with at least 1,000 subscribers. With over 1 trillion monthly views across Telegram channels, this move has injected significant demand for TON.

A TON-based economy is starting to take root in Telegram, and that explains the token's recent outperformance of the broader crypto market. Channel owners are now incentivized to embrace TON, driving adoption and utilization within the platform's vast user base. The numbers speak for themselves. Over the past month, TON has skyrocketed by an impressive 59.43% as of writing, outpacing most major cryptocurrencies. Even in the face of a 7 day dip of 8.31%, the token has demonstrated resilience, bouncing back with a 2.61% gain in the last 24 hours.

TON's market capitalization currently stands at $21.6 billion, reflecting its ascent to the upper echelons of the crypto sphere. With a circulating supply of over 3.4 billion TON and a total supply of 5.1 billion, the token's trading volume in the last 24 hours has surged by 17.91% to $439.7 million.

The TON Foundation is not resting on its laurels, however. In a bold move to bolster the ecosystem, the TON blockchain has introduced Memelandia, a dedicated cultural hub aimed at redefining the use and perception of meme coins and community tokens. Memelandia will enhance the visibility and infrastructure of often-overlooked digital assets. By establishing a dedicated platform, it aims to empower these tokens to achieve sustainable development and recognition.

A cornerstone feature of Memelandia is the Ranked TOL (TON Online Leaderboard), which tracks the performance of various meme coins and community tokens within the ecosystem, fostering a competitive and transparent environment.

TON Price Analysis

TON coin faced an ascending trendline support yesterday and got rejected. Today, we might see another attempt to test the trendline. If there is a breakdown at the trendline, the price could drop to test support at a ranging channel at $5.53, which had previously broken out in late April and was retested twice, facing rejection. Will it retest for the third time?

TONUSD 4-Hour Chart (TradingView)

If the trendline support holds, bulls may rally the price to the $7.2 resistance level and potentially challenge the all-time high of $7.67. The Relative Strength Index (RSI) currently stands at 44, indicating a neutral momentum nearing the oversold region for a potential reversal to the upside. 

As the TON ecosystem continues to expand and integrate with mainstream platforms like Telegram, the future looks promising for this ambitious blockchain project and its native token.