Toncoin (TON) price analysis as TapSwap players approach 50 million

Toncoin (TON) price has done well this week as Bitcoin and most altcoins retreated. Ton is still hovering near its all-time high, giving it a market cap of over $17.6 billion. It has become the 9th-biggest cryptocurrency in the world.

Toncoin, a cryptocurrency created by Telegram, has been one of the best-performing altcoins in the market as it gained more than 600% from its lowest point in 2023.

The token has jumped because of the growing popularity among users and developers. Data compiled by DeFi Llama shows that the network has attracted 16 DeFi developers, giving it a total value locked (TVL) of over $850 million. Some of the most notable players in the ecosystem are Tonstakers, DeDust, and Bemo.

Toncoin has also become popular in the tap-to-earn industry as evidenced by Notcoin’s success. Notcoin has grown to over 30 million users while its market cap has jumped to over $1.8 billion.

TapSwap has grown to become the next big thing in the Toncoin and Telegram’s ecosystem. Data on its platform shows that it has over 49 million users from around the world. It also has more than 18 million daily users who have made over 1.8 trillion touches since its launch.

This number will likely continue growing as TapSwap prepares its airdrop, which will allow users to convert their tokens into fiat currency. 

Meanwhile, on-chain data shows that the number of active Toncoin wallets has gone parabolic in the past few months. It has soared to over 8.07 million, a significant number since the network started the year with about 1.28 million wallets.

Toncoin price analysis

TON token has been in a strong bull run in the past few months, a move that has made it one of the biggest players in the crypto industry. 

It has now moved to the middle line of Andrew’s pitchfork tool, a positive sign. It has also found substantial support at the 50-day Exponential Moving Average (EMA) and the Ichimoku cloud indicator. 

The risk is that the Notcoin price is slowly forming a triple-top chart pattern, which is a popular bearish sign. Therefore, more upside will be confirmed if the price moves above the all-time high of $7.87. If this happens, it will open the possibility that TON rising to $10.