As the Telegram community prepares for several airdrops in October, investors should also consider the impact on the TON price. The anticipated launch could drive demand for TON, the native token of the Open Network.
As anticipation for the token distribution grows, this analysis highlights why TONCOIN could attract new investors and the benefits they stand to gain.
Telegram Airdrop Positive for Toncoin
Telegram airdrops have been gaining popularity this year, thanks to token launches like Notcoin (NOT) and more recently Dogs (DOGS). However, previous launches haven’t been as big as the number of mini-apps ready to distribute rewards to users in October.
Starting with Hamster Combat setting up a Token Generation Event (TGE) on September 26, BeInCrypto also reports that other Telegram airdrops, including X Empire, Major, and MemeFi, will be launched in October.
As a result, on-chain data shows a significant increase in the number of new active and empty addresses in TON. This overall increase suggests that the TON ecosystem is preparing for an event that could drive significant demand for the cryptocurrency.
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If this continues, the price of TON could see a significant increase in the coming months. Ryan Lee, a senior analyst at Bitget, seems to agree with this prediction. In a conversation with BeInCrypto, Lee said that TON could see significant improvements. The analyst also mentioned the increase in stablecoin supply on TON , which he said indicates increased trust.
“October is the month when high-traffic TG bot projects in the TON ecosystem gradually complete their TGEs. In an optimistic market without any black swan events, TON is expected to recover to above $7,” Lee told BeInCrypto.
In this case, 17 million addresses that currently hold 151.8 million coins at a loss, according to Global In/Out of Money (GIOM), could have an unrealized profit of $850 million.
TON Price Prediction: First Target is $7
According to the daily chart, the price of TON is $5.70. This is the same position it was in May before it rose 23.20% to $7. Also, the Awesome Oscillator (AO) is positive, indicating that TON is experiencing upward momentum.
Due to this position, the price of the cryptocurrency can continue to rise. TON Coin may meet resistance at $6.50. However, if it reflects the performance in May, it can break through this level.
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If successful, TON Coin could rise to $7 and approach $8. On the other hand, if it is rejected at $6.50, the price could fall to $4.88.
