Toncoin price prediction: What is toncoin (TON)?
It aims to make the blockchain more accessible, but what is toncoin (TON)?
Let’s see what we can find out, and also take a look at some of the toncoin price predictions that were being made as of 19 December 2022.
ETH/USD price history
Toncoin explained
In the world of cryptocurrency, the blockchain is king. Without this decentralised ledger, the world of crypto as we know it today would not exist. With the idea being that the blockchain allows people privacy, it is perhaps little surprise that tech organisations which promote encryption take an interest in this idea.
One such platform is the Telegram messaging app. Therefore, in 2018, the news that Telegram was to create its own blockchain, called Telegram Open Network, would not have been too much of a surprise.
That said, Telegram’s initial scheme, which would have involved a native token called gram, was banned by the US Securities and Exchange Commission (SEC) in March 2020. The SEC said that the sales of the digital token would constitute securities offerings with no registration exemption available.
After this, Telegram officially gave up on the project, but two of its developers were on hand to, at least potentially, save the day. Anatoliy Makosov and EmelyanenkoK took over the development of TON through an open-source community called Newton. Within a year, the community voted to fully launch and renamed the Newton community as The Open Network (TON) Foundation.
To quote to the project’s whitepaper: “The Open Network (TON) is a fast, secure and scalable blockchain and network project, capable of handling millions of transactions per second if necessary, and both user-friendly and service provider-friendly.”
The community-led project aims to deliver a highly scalable blockchain network that can process transactions cheaper and faster than other networks, such as Ethereum (ETH). It also plans to develop the network into an ecosystem that can provide decentralised storage, anonymous network, domain name system (DNS), instant payments and other services.
Every blockchain needs to have its own native crypto, and The Open Network has the toncoin, also known by its ticker handle of TON. This coin is used to facilitate transactions such as rewards for staking and validating on the network.
This is important because The Open Network uses a proof-of-stake (PoS) consensus mechanism. This means that people are able to add blocks to the blockchain and earn rewards for doing so based on how much TON they hold. People can also vote on changes to the network, with the weight of their vote again based on how much TON they hold.
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TON price history
TON all-time performance
Source: CoinMarketCap
Let’s now cast our eyes over the TON price history. While past performance should never be taken as an indicator of future results, knowing what the crypto has done in the past can help give us some useful context when it comes to either making or interpreting a toncoin price prediction.
Toncoin went live at $0.41 on 26 August 2021 and saw steady growth in its first few months, which led to its largest breakout to date. TON rocketed to its all-time high of $5.84 on 12 November 2021. This followed a staking event that was run by the OKX cryptocurrency exchange. A total of one million TON were up for grabs in its prize pool for those staking the OKB token.
Toncoin later revealed that more than 4.2 million tokens were involved in the event, “making toncoin the most successful cryptocurrency of this amazing program”. But after peaking again at $5 on 25 December 2021, TON eventually fell along with the 2022 bear market and lost its previous gains throughout the year.
However, it started gaining again in September 2022 when the Huobi exchange launched a prize pool for TON traders. The coin reached a high of $2.04 on 7 September 2022.
The cryptocurrency saw another surge on 27 October 2022 when it reached a high of $1.98. This followed the KuCoin exchange listing the token on its trading bot product.
In November, the collapse of the FTX (FTT) exchange triggered a market crash but, barring a dip to $1.33 on 10 November, TON was able to outperform the market. A new decentralised exchange (DEX) under the name STON.fi went live on 19 November.
Meanwhile, the SafePal crypto wallet announced it would be integrating the TON cryptocurrency in the near future, and when Telegram announced people could sign up without using a SIM card by using toncoin, the crypto rallied to hit a high of $2.86 on 14 December.
By 19 December 2022, TON was trading at around $2.65. It had a market cap of just under $3.3bn, making it the 20th-largest crypto by that metric.
Toncoin price prediction round-up
With that all said and done, let’s now take a look at some of the toncoin price predictions that were being made as of 19 December 2022. It is important to remember that price forecasts, especially when it comes to something as potentially volatile as crypto, often turn out to be wrong. Also, you should note that many long-term cryptocurrency price predictions are made using an algorithm, which means that they can change at any time.
CoinCodex made a somewhat downbeat short-term TON crypto price prediction, suggesting that the coin could be worth $2.67 on 24 December before sliding down to $2.47 by 18 January 2023. The site’s technical analysis was nevertheless bullish, with 25 indicators making positive signals against just one sending out bearish ones.
Next, DigitalCoinPrice had a TON coin price prediction that said the crypto could average $3.22 this year and $11.50 in 2025. Its toncoin price prediction for 2030 said TON could hit $37.88 that year.
Meanwhile, CryptoPredictions made a TON price prediction that said the coin could close 2022 at somewhere between $3.27 and $3.28 before dropping to $3.15 by December 2023. The site then made a toncoin price prediction for 2025 that saw it start the year at a little below $4.59 and close it at about $5.56.
Finally, Wallet Investor had a rather optimistic toncoin price prediction for 2023, suggesting that the coin could reach a little under $4.49 by December 2023 before continuing to climb to $11.49 in five years’ time.
When considering a TON coin price prediction, it’s important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict what a coin or token’s price will be in a few hours, and even harder to give long-term estimates. As such, analysts and algorithm-based forecasters can and do get their predictions wrong.
If you are considering investing in cryptocurrency tokens, we recommend that you always do your own research. Look at the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decision. Keep in mind that past performance is no guarantee of future returns, and never trade with money that you cannot afford to lose.
FAQs
Is toncoin a good investment?
It is hard to say. While TON has outperformed the market recently, we do not know if it can continue to do so.
Whether it is a good investment or not will depend on your investing goals and portfolio composition. Cryptocurrency is an extremely high-risk investment and capital will be at risk. You should do your own research and never invest what you cannot afford to lose.
Will toncoin go up or down?
No one can really tell right now. While forecasts were largely optimistic as of 19 December 2022, price predictions often end up being wrong and prices can, and do, go down as well as up.
In volatile cryptocurrency markets, it is important to do your own research on a coin or token to determine if it is a good fit for your investment portfolio. Whether the TON coin is a suitable investment for you depends on your risk tolerance and how much you intend to invest, among other factors.
Keep in mind that past performance is no guarantee of future returns, and never invest money that you cannot afford to lose.
Should I invest in toncoin?
Whether you should invest in TON is a question that you will have to answer for yourself. Before you do so, however, you will need to conduct your own research. Never invest more money than you can afford to lose, because prices can go down as well as up.
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