As the Telegram community gears up for multiple airdrops this October, investors should also assess the potential effects on Toncoin’s price. The upcoming launches are likely to create increased demand for TON, the native token of The Open Network.
With excitement building around the token distributions, this analysis explores why Toncoin may attract a wave of new investors and the benefits they could reap.
Telegram Airdrops Favor Toncoin
This year, Telegram airdrops have gained immense popularity, driven by the introduction of tokens like Notcoin (NOT) and, more recently, Dogs (DOGS). However, this previous launch pales in comparison to the numerous mini-apps that are set to distribute rewards to users throughout October.
Since September 26, when Hamster Kombat scheduled its Token Generation Event (TGE), BeInCrypto has also reported on other Telegram airdrops, including X Empire, Major, and MemeFi, launching in October.
Consequently, on-chain data indicates a noticeable rise in the number of new, active, and zero-balance addresses on TON. This uptick implies that the TON ecosystem is preparing for the event, potentially leading to heightened demand for the cryptocurrency.
Read more: What Are Telegram Bot Coins?
If this trend continues, Toncoin’s price could see a significant rise next month. Bitget Chief Analyst Ryan Lee shares this sentiment. In a discussion with BeInCrypto, Lee suggests that Toncoin could show considerable progress, also mentioning the rise in stablecoin supply on TON as a sign of growing confidence.
“October is the period when high-traffic TG Bot projects within the TON ecosystem begin to finalize their TGEs. In an optimistic market, absent of any unforeseen events, Toncoin could rise above $7,” Lee mentioned to BeInCrypto.
If this scenario unfolds, the Global In/Out of Money (GIOM) indicates that over 17 million addresses holding 151.80 million coins at a loss could generate approximately $850 million in unrealized profits.
TON Price Projection: $7 Could Be the Initial Target
Based on the daily chart, Toncoin’s current price is $5.70, which mirrors its position before a 23.20% rally that brought it to $7 in May. Additionally, the Awesome Oscillator (AO) shows a positive trend, suggesting that TON is gaining upward momentum.
Given this position, the cryptocurrency’s price may trend upward. Toncoin may face resistance at $6.50 in its quest for higher prices. Nonetheless, if it replicates the May performance, it might break past this level.
Read more: 7 Best Exchanges To Buy and Sell Hamster Kombat (HMSTR) in 2024
If successful, Toncoin could rise to $7 and even approach $8. Conversely, if it encounters resistance at $6.50, the price could drop to $4.88.
Disclaimer
In accordance with the Trust Project guidelines, this price analysis article is intended solely for informational purposes and should not be interpreted as financial or investment advice. BeInCrypto is dedicated to providing accurate, unbiased reporting; however, market conditions may fluctuate without warning. Always perform your own research and consult with a professional before making any financial choices. Please be aware that our Terms and Conditions, Privacy Policy, and Disclaimers have recently been updated.
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