coincodex.com
Key takeaways
- TON Foundation provides grant to 5 budding tApps within the Toncoin ecosystem
- The Open Network continues to be a hotbed of on-chain activity, TON outperforms TCAP and maintains bullish move from middle of August
- CoinCodex algorithm predicts gradual move up towards low-resistance price level within 1 year
TON expanding ecosystem, 5 new tApp developments funded
TON Foundation has announced that it has funded 5 development teams who are building new tApps for the Toncoin (TON) ecosystem. The project recently extended an invitation to developers, placing an emphasis on community management, trading infrastructure, Web3 gaming, and software development tools.
The 5 projects that have been selected by TON Foundation reflect the project’s aims. Tali AI is a developer toolkit that uses artificial intelligence to aggregate data from different sources; TonUp is a permissionless launchpad that connects investors with newly-created tApps; Optus DEX aggregator organizes information from on-chain exchanges; and Gatto is a play-to-earn game that can be played through Telegram.
The Q3 2023 grant recipients are bringing innovation to the #TON ecosystem. From AI-assisted dev support to decentralized trading, these projects promise creative solutions and significant value to the #TON Community. ?
— TON ? (@ton_blockchain) August 31, 2023
Learn more➡️ https://t.co/HHUQ551Z57 pic.twitter.com/rPD5O1cdp4
Toncoin stated recently that a core aim of the project is to make Telegram “the everything super app.” The vast selection of tApps that are being launched in the ecosystem have made Toncoin one of the fastest-growing cryptocurrencies in recent weeks, and the project recently unveiled a new tApp Center that will help to connect Telegram users to its growing list of applications.
TON outperforms TCAP, 38.77% up despite swing failure from large caps
TON has climbed 38.77% since the wider crypto market crashed midway through August. Since then, Bitcoin (BTC) and other large cap tokens have failed to recapture their previous price level, following a swing failure (SFP) that occurred on 31st August.
Total crypto market cap (TCAP) chart, via TradingView
The SFP can be seen clearly on the total crypto market cap (TCAP) chart. After the dip midway through August, large caps attempted a breakout of the current daily level towards the range high, but quickly reversed and crashed back to range low.
During this same timeframe, TON has stayed close to its range high. This reflects strong demand for the network, helped in part by TON Foundation’s ongoing support of new ecosystem developments.
If TON continues to hold this price level, it could be primed for a breakout. The CoinCodex price prediction algorithm is expecting this to occur in the next 5 days, predicting a move up to $1.98 before retracing. On a longer timeframe, the algorithm expects TON to continue climbing.
1-Year price prediction: Algorithm expects $3 TON in August 2024
The CoinCodex price prediction algorithm expects TON to jump 75.95% within the next year. By 31st August 2024, the price level is forecasted to reach $3.07. This includes sustained upward momentum from the current price of $1.746, providing a gradual incline ahead of a possible breakout from the $3 level towards all-time high.
1-Year price prediction for TON, via CoinCodex
Bottom line: Growing popularity, strong support, and ease of access aiding TON ecosystem growth
TON Foundation’s continued support of new tApps for the Telegram instant messenger can be seen as a key reason why the ecosystem is expanding. Web3 applications can be seamlessly integrated with a platform that has a large active user base, aiding in the level of adoption that new decentralized applications can gain with reduced marketing costs.
The CoinCodex algorithm expects TON to keep on rising over the next year, in line with bullish sentiment around the project’s recent developments. The Open Network continues to be a hotbed of on-chain activity, and there is minimal price resistance between its projected $3 level and its former ATH at $4.91.