The post Toncoin price analysis ahead of the TapSwap launch appeared on BitcoinEthereumNews.com.

Toncoin price trended lower on Tuesday as the altcoin meltdown continued. It plunged by almost 10%, bottoming at $7, its lowest level since June 12th. Toncoin is now down more than 15% from its highest level, meaning it has moved into a correction and is trending towards crash territory.  Toncoin’s token joined other altcoins on Tuesday that moved into a deep sell-off. Bitcoin price nosedived below $65,000 while notable tokens like Solana, Fantom, Worldcoin, Brett, and Chilliz retreated by over 15%. Historically, altcoins follow Bitcoin’s lead lower.  Still, Toncoin’s ecosystem is doing modestly well. Data compiled by DeFi Llama shows that the total value locked (TVL) in the DeFi ecosystem stood at over $940 million, making it the 11th largest network in the industry. It has passed other networks like Polygon, Sui, Cronos, and Near Protocol. Also, the number of TON addresses have surged to a record high recently. The other possible catalyst for the Toncoin price will be the upcoming launch of TapSwap, the popular Telegram tap-to-earn platform. In a recent statement, the developers noted that they had selected Toncoin, a blockchain known for its speed and low transaction costs.  🚀 @tapswapai, the Tap-2-Earn Telegram Mini App with 26M+ social media followers, will launch on #TON! Launched on Feb 15, 2024, it has seen massive growth. Users earn in-game tokens by tapping and completing missions and tasks. Today, the app boasts over 50M users worldwide and… pic.twitter.com/DJiZi39wDd — TON 💎 (@ton_blockchain) June 18, 2024 TapSwap is the biggest competitor to Notcoin, which debuted recently and attained a market cap of over $1.8 billion. Data on its app shows that the number of users has grown to over 53 million. In my article last week, the network had over 49 million users. TapSwap’s daily users have jumped to over 17.9…

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Filed under: News - @ June 19, 2024 10:22 pm