Is Toncoin’s Fate Uncertain? TON Price Fluctuates as New Dogecoin Competitor Surpasses $5.2M
Tim Hakki
Published:
June 10, 2024 12:38 EDT
|
2 min read
The Toncoin ($TON) token, which powers The Open Network, a blockchain indirectly linked to the popular messaging app Telegram, seems to be experiencing some instability today.
During the early hours of the morning, the token saw intraday losses of approximately 8%, although the downward trend seems to have slowed down. Currently, Toncoin is down by 1.5% compared to this time last week, trading at around $7.14 per token.
The Open Network, initially launched as a Layer 1 blockchain project by Telegram in 2018, spun off in 2020 following the US Securities and Exchange Commission’s allegations that Telegram’s Toncoin sale violated securities laws.
Recent data shows that Toncoin faced a downward trend towards the end of May, dropping to lows of $4.80 per token. By the beginning of the first week of May, the token recovered, surpassing the $6 mark, where it has shown strong support, as indicated by the horizontal green lines on the chart.
Despite encountering resistance at $7.60, with a relative strength index of 57 and increasing, there is a possibility that Toncoin could see further growth this week or maintain its current price level. A significant sell-off is improbable unless Bitcoin, the market leader, experiences a decline.
Bitcoin’s price remains relatively stable at $69,560 compared to last week.
While Toncoin faces uncertainty, crypto enthusiasts are flocking to the AI-integrated trading bot WienerAI, known for its loyal following.
As a Layer 1 project, Toncoin and The Open Network are fostering a vibrant ecosystem with new token projects like the tap-to-earn token/game dApp Notcoin gaining popularity.
However, for those seeking to stay ahead in the crypto world, AI-integrated meme coins are gaining attention. Coins like ScottytheAI and WienerAI are revolutionizing the meme coin space by incorporating artificial intelligence, attracting a large following.
WienerAI, often mistaken for a dog-themed meme coin, offers much more. It is a cutting-edge crypto project that leverages viral marketing to provide users with an advanced AI trading bot, attracting investments worth $5.3 million in just a month.
Described as a “Revolutionary AI Trading partner,” WienerAI ($WAI) offers users user-friendly AI-enhanced trading advice, seamless swap functionality, and zero fees. The smart contract of WienerAI has been audited by the blockchain security platform Coinsult, with 20% of $WAI’s supply allocated for staking.
With a current yield of 210% APY, staking during the presale on WienerAI’s website can be a lucrative opportunity for investors. This suggests that WienerAI may outperform Toncoin in terms of profitability this year.
Stay updated on WienerAI developments on X and Telegram. Participate in the presale on the WienerAI website for exclusive benefits.
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Disclaimer: Crypto investments are high-risk. This article is for informational purposes only and does not constitute financial advice. Capital loss is possible.