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Toncoin price has been one of the best-performing cryptocurrencies this year. TON recently jumped to a record high of $8.28, which was almost 600% above its lowest point in 2023. Subsequently, the token’s market cap has jumped to over $18 billion, making it bigger than the likes of Tron, Avalanche, Dogecoin, Shiba Inu, and Polkadot. 

Toncoin price has soared as investors reacted to the fast-growing tap-to-earn industry that is changing the crypto industry. 

Tap-to-earn is a concept that gives Telegram users a mini app where they can tap a button and accumulate virtual tokens. In addition to tapping, users can do simple tasks like following a YouTube or X page. 

The ultimate goal is that users will then be able to convert their accumulated tokens into fiat when a network launches its airdrop. 

One major airdrop has happened: Notcoin. The market cap of the NOT token has soared to over $1.5 billion, meaning that many people who tapped the platform made some good money after the airdrop.

Other popular platforms in Telegram will likely have bigger airdrops and mint more millionaires than Notcoin did. Hamster Kombat has accumulated over 230 million users globally and its YouTube channel has broken records.

TapSwap has also grown substantially in the past few weeks and is now nearing 65 million users from around the world. It has over 20 million players each day. 

Other tap-to-earn networks have come online and are slowly gaining market share. Some of the most notable ones are the likes of Dotcoin and AvaCoin, which have added millions of users in the past few months.

Ultimately, these networks will launch their airdrops on the TON Blockchain, which is known for its fast speeds and low transaction costs. These airdrops will lead to more demand for the TON token. 

The biggest challenge that tap-to-earn platforms face is that they could turn into a fad as we saw with play-to-earn and move-to-earn networks. At their peak, play-to-earn networks like Decentraland and Axie Infinity were highly popular among users. Today, they receive just a handful of users each day.

The same is true with move-to-earn networks like Sweatcoin and StepN, which thrived and have now lost their momentum.

In most cases, traders abandoned these platforms when their cryptocurrency prices dropped as we saw in the last crypto winter. 

TON has also done well in the DeFi industry, where it has accumulated a total value locked (TVL) of over $725 million, making it the 10th-biggest chain in the world. 

TON chart by TradingView

The daily chart shows that the TON price has done well this year as it jumped to a record high of $8.28 recently. It has constantly remained above the 50-day and 100-day Exponential Moving Averages (EMA), meaning that bulls are in control. 

However, the token has two major issues that could affect its future performance. First, it has formed a rising wedge chart pattern, which is a popular reversal sign. This reversal will likely happen when the two lines of the wedge reach the confluence level.

Second, Toncoin sees relatively low volume numbers each day. Data by CoinGecko shows that the daily volume has averaged less than $300 million. This means that it has lower volume than meme coins like Dogwifhat and Pepe, which have a smaller valuation. 

Third, the Relative Strength Index (RSI) shows that it has formed a bearish divergence chart pattern. Therefore, there is a likelihood that the Toncoin price will have a bearish breakout in the coming weeks. If this happens, the next key level to watch will be at $5.

The post Chart of the week: Toncoin and the Hamster Kombat, TapSwap revolution appeared first on Invezz

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