Toncoin Price Rally Challenges Dogecoin’s Position

Toncoin price has risen as a new competitor for Dogecoin in the cryptocurrency market

The rapid growth of Toncoin is encouraged by the prominent Web2 and Web3 Investors. An amount of US$1.71 billion has been funded as support to the Toncoin network and assisted with the DWF Labs. The Toncoin is expected to have more growth in the future which is US$162 million in Total Value Locked (TVL). Hundreds of millions of Global Telegram users are leveraging the Toncoin network  

As an example, the Ton blockchain-based Universal Basic Smartphone (UBS) was launched by Oyster Labs earlier this month. Ton blockchain which is in addition to the web3 protocols has experienced a significant increase in the tap-to-earn meme coins contributed by the most latest version of Hamster Kombat which is Notcoin.

The daily average trading volume of the Toncoin network is around US$751 million and An amount of US$38 billion is the total diluted valuation of the Toncoin network. The Toncoin had entered the list of the top 10 most valuable digital assets by the market cap by defeating the Cardano and now it is on the way to defeating the Dogecoin.

In an action to modify the smart contract in the global market, the social media platform Telegram is utilized by the Toncoin network. The Ton blockchain rewards Telegram users with more than $150 million worth of TON coins for participating in various on-chain quests and providing liquidity on the network,

Price Analysis

Currently, the Toncoin price is trading at US$7.077. The relative Strength Index (RSI) of Toncoin is valued at 40.73 indicating the bullish trend. The 1st support level of the Toncoin is at US$6.9524 and the 1st resistance level of the toncoin is at US$7.368. The major support level is at US$ 6.5849 and the major resistance level is at US$ 7.6459.