Toncoin (TON) Soars 18%+, Now 8th Biggest Crypto After Flipping DOGE – Can It Hit $20 in 2024?

In the ever-evolving world of cryptocurrencies, abandoned projects rarely get a second chance at life. However, Toncoin (TON) has defied the odds, staging an impressive comeback under the guidance of independent creators who now form the TON Foundation. This revival has propelled Toncoin into the spotlight, with its market capitalization recently surpassing heavyweights like Cardano (ADA) and even the meme-inspired Dogecoin (DOGE).

As of April 19th, 2024, Toncoin's record-breaking 18.58% surge over the past 24 hours has secured it the eighth-largest spot by market capitalization, a remarkable feat for a project once left for dead. With a market cap of over $24.7 billion, a 24-hour trading volume exceeding $755 million, and a circulating supply of over 3.47 billion TON, Toncoin's resurgence is turning heads across the crypto landscape.

Toncoin Data Chart (CoinMarketCap)

The driving force behind this rally lies in the blossoming TON-based economy within the messaging app Telegram. Justin Hyun, director of investments at the TON Foundation, attributes Toncoin's outperformance to its integration into Telegram's advertising revenue-sharing system. With 800 million users, Telegram's public channels generating over 1 trillion views per month are now eligible to receive 50% of the advertising revenue in the form of TON.

Also, the TON blockchain has introduced Memelandia, a dedicated cultural hub aimed at boosting meme coins and community tokens. This initiative seeks to redefine the perception and usage of these often-overlooked digital assets by providing them with a platform for visibility and infrastructure development. The Ranked TOL (Ton Online Leaderboard) within Memelandia tracks the performance of various meme coins and community tokens, fostering a competitive and transparent environment for growth.

More than that, TON blockchain has witnessed explosive growth in active addresses since the start of 2024. Although trailing Bitcoin and Ethereum, TON recently surpassed AVAX in terms of Daily Active Addresses (DAA), signaling robust network adoption and user engagement. This metric underscores the project's burgeoning ecosystem and reinforces its position as a rising force in the decentralized blockchain landscape.

TON Price Analysis

Toncoin's price action has been nothing short of remarkable. After facing ascending trendline support on April 16th and being initially rejected, the bulls regained control, wiping out the weekly losses. Currently trading at $7.14 as of writing, representing a staggering 18% last 24 hours gain, Toncoin is poised to test the all-time high resistance of $7.67, which could be breached soon.

TONUSD Price Chart (TradingView)

Looking ahead, the price predictions for Toncoin are bullish, with some forecasts suggesting that the token could end 2024 near the $20 mark. However, the road ahead may not be entirely smooth, and analysts believe 2026 and 2029 could potentially be bearish retracement years for Toncoin.

Nonetheless, if adoption continues to grow, Toncoin could reach new heights by 2030, with some analysts projecting a price target of $55. This ambitious prediction underscores the growing confidence in Toncoin's long-term potential and the resilience of its community.

Investor Guide

Toncoin (TON) presents an enticing opportunity for investors seeking exposure to a rapidly ascending crypto asset. Originally abandoned, TON has been revitalized by the TON Foundation, propelling it to become the 8th largest crypto by market cap. TON's integration with Telegram's advertising revenue-sharing system and the launch of Memelandia for meme coins highlight its innovative ecosystem development. 

With its price predictions suggesting TON could reach $20 by year-end, long-term adoption could drive TON to $55 by 2030, with explosive growth in active addresses already surpassing AVAX. TON offers investors a compelling blend of utility, community-driven initiatives and potential for substantial capital appreciation.