As the Telegram community prepares for several airdrops in October, investors may also need to consider the impact on Toncoin’s price. The anticipated launches could drive demand for TON, the native token of The Open Network.
With excitement building for the tokens’ distribution, this analysis highlights why Toncoin could experience an influx of new investors and what investors stand to gain.
Telegram Airdrops Looks Good for Toncoin
Telegram airdrops have become increasingly popular this year. This happened due to the launch of tokens like Notcoin (NOT) and, more recently, Dogs (DOGS). However, this previous launch was not as big as the number of mini-apps ready to distribute rewards to their users in October.
Starting from September 26, which Hamster Kombat set for its Token Generation Event (TGE), BeInCrypto also reported that other Telegram airdrops, including X Empire, Major, and MemeFi, will launch in October.
As a result, on-chain data shows a significant increase in the number of new, active, and zero-balance addresses on TON. This overall increase suggests that the TON ecosystem is gearing up for the event, which could drive notable demand for the cryptocurrency.
Read more: What Are Telegram Bot Coins?
If sustained, Toncoin’s price might see a notable increase next month. Bitget Chief Analyst Ryan Lee also seems to agree with the prediction. In a conversation with BeInCrypto, Lee notes that Toncoin could see significant improvement. The analyst also referred to the surge in stablecoin supply on TON, saying that it represents increased confidence.
“October is the stage when high-traffic TG Bot projects in the TON ecosystem are gradually completing their TGE. In an optimistic market without any black swan events, it is expected that Toncoin could return to above $7,” Lee told BeInCrypto.
Should this be the case, the Global In/Out of Money (GIOM) reveals that over 17 million addresses currently holding 151.80 million coins at a loss could make $850 million in unrealized profits.
TON Price Prediction: $7 Could Be the First Stop
According to the daily chart, Toncoin’s price is $5.70. This is the same spot the altcoin was before it rallied by 23.20% and hit $7 in May. Furthermore, the Awesome Oscillator (AO) is positive, indicating that TON is experiencing increasing upward momentum.
Due to this position, the price of cryptocurrency might continue to increase. Toncoin could encounter resistance at $6.50 in its push for a higher price. However, if it mirrors its performance from May, it might break through this level.
Read more: 7 Best Exchanges To Buy and Sell Hamster Kombat (HMSTR) in 2024
If successful, Toncoin could rise to $7 and approach $8. On the other hand, if it faces rejection at $6.50, the price could fall to $4.88.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Source: https://beincrypto.com/telegram-airdrops-to-boost-toncoin-price/