The cryptocurrency market has been buzzing with anticipation as Toncoin (TON) continues to show positive signs of a potential price rally. This cryptocurrency, which has been the subject of much interest in 2024, has seen a surge in unique wallet holders, now surpassing a staggering 100 million, reflecting an impressive 25 times growth since the beginning of the year.
Behind these positive indicators is the TON blockchain development team, which has been making strides in optimizing the network. Last week, The Open Network (TON) community rolled out two key updates – FunC 0.4.5 and v2024.10. These updates are aimed at enhancing the performance, efficiency, and reliability of the network, thereby addressing vulnerabilities that previously plagued the system.
These recent updates have sparked enthusiasm among crypto market participants, who are becoming increasingly bullish about the prospects of a Toncoin price rally. The TON blockchain has made significant strides with the rollout of update v2024.10 and FunC 0.4.5, according to a recent release on GitHub.
The v2024.10 update introduces a host of game-changing alterations to The Open Network ecosystem. Highlighted in the official announcement are improvements in synchronization speed and garbage collection (GC), which will significantly benefit systems operating on slower disks.
Furthermore, to enhance efficiency, the update will reduce the amount of data transmitted over the network, leading to decreased network traffic. The update also facilitates the seamless creation of channels when looking up Distributed Hash Tables (DHT), thereby boosting network responsiveness.
The FunC 0.4.5 update addresses the bug previously associated with FunC and enhances code execution and correctness on the TON blockchain. The release also includes minor updates to the TVM (TON Virtual Machine) aimed at enhancing network functionality. These developments, combined with other recent improvements, have stirred considerable interest in Toncoin within the wider cryptocurrency market.
This year, Toncoin has outperformed many popular altcoins, including Cardano (ADA), Shiba Inu (SHIB), and Avalanche (AVAX), earning it a spot in the top-ten cryptocurrencies by market cap. The impressive rally in TON price has been supported by the expanding Telegram ecosystem, which has seen the launch of several viral games like Bitcoin Dogs, boosting the utility of Toncoin even further.
Currently, Toncoin (TON) is trading 2.2% up at $4.82 with a market cap of $12.27 billion, and a daily trading volume that has surged 10.24%. While the cryptocurrency’s weekly price chart reflects a 3.2% decline, and the monthly chart indicates a 9.34% drop, market sentiments appear to be shifting positively in light of recent developments.
Crypto analyst bmoonvc recently tweeted a bullish outlook for Toncoin, noting the emergence of a double-bottom reversal pattern on its chart. This pattern, resembling a ‘W,’ signals increasing demand pressure with two significant reversals. The analyst predicts that the completion of this pattern could propel TON’s price to a peak of $20.
The number of unique wallets holding Toncoin (TON) has seen a surge, exceeding 100 million and ranking it as the 10th-largest cryptocurrency by market capitalization. This growth in holders began earlier this year when there were just over four million wallets, marking an unparalleled increase of nearly 25 times in just a few months.
