The value of Toncoin has fallen by 4.6% in the past 48 hours, currently standing at $5.63. This recent decline may help buyers regain bullish momentum as Bitcoin stabilizes above $60,000. With TON issuing $1 billion USDT, the network is expected to see increased engagement and activity.
As per Tether’s official transparency page, the USDT authorized issuance on the TON blockchain has surpassed $1 billion, now at $1,030,000,002, with $309,325,516.46 authorized but not issued. The flourishing demand for stablecoin on the TON blockchain is evident, with USDT playing a vital role in facilitating cryptocurrency transactions, enhancing liquidity, and driving user engagement within the network.
Toncoin is currently trading at $5.5 with a slight intraday loss of 1.34% and a market cap of $14.18 billion. Furthermore, the Total Value Locked in TON has risen from $317.15 to $405, indicating a 27.7% surge and heightened investor interest in Toncoin’s DeFi applications.
The recent market recovery has propelled the Toncoin price to $5.2 from $4.4, marking a 26.5% gain and a healthy retracement for buyers to rebuild bullish momentum. If Toncoin can maintain a stable position above the 200-day exponential moving average, an 8% uptrend might challenge the descending trendline, potentially leading to a 40% increase to $8.276.
On the flip side, failure to break past the trendline could result in Toncoin dropping back to the $5.6 support level. The future looks promising for Toncoin as it eyes an $8 breakout with the TON network surpassing the $1 billion USDT issuance milestone.