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"Whale is also interested in TON, will the price break through $10?
Open Network and its founding cryptocurrency Toncoin (TON) have gained tremendous traction among investors and whales this year after its price surged 23% over the past month even as the digital asset sector saw bearish moves.
Through observation, the whales that collectively added more than 45 million TON worth $346 million in the past week alone have shown increased confidence from investors who are increasingly interested in the digital asset.
Pleased to be informed that TON has now managed to become the eighth largest crypto by market capitalization driven by the increased network and significant usage including the appearance of several Play-to-Earn (P2E) games on Telegram which all played an important role in its recovery.
In another milestone, the Total Locked Value (TVL) of the Open Network protocol was found to exceed $700 million on June 30, 2024 following blockchain-powered gaming such as Notcoin, Hamster Kombat and Yescoin.
It should be noted that Kazakhstan's Regulatory and Financial Services Committee (AFSA) approved TON to trade on a regulated exchange following an audit that confirmed the digital asset met the necessary listing criteria.
TON's integration with Telegram has given the digital asset a greater advantage, where it can leverage the social messaging app's infrastructure and user base among other benefits.
As of this writing, the price of TON jumped by 2.90% at $7.92 with a market capitalization of over $19 billion and trading volume of $211 million further recording a 4.32% increase over the last week.