DeFi
Toncoin (TON) Sees Growth in Its Decentralized Finance Sector
Yourcoin [TON]the blockchain network linked to popular messaging app Telegram, has seen a surge in activity in its decentralized finance (Challenge) in recent weeks.
This comes amid a decline in the overall DeFi ecosystem due to recent slowdowns in activity. the global cryptocurrency market.
Toncoin leads the dance, others follow
The past month has seen a steady decline in the value of several crypto assets. This has led to a decline in the total value of assets locked (TVL) on DeFi protocols across most blockchain networks.
Bucking the trend, Toncoin’s TVL has been increasing over the past month. On July 3, the network’s TVL event hit an all-time high of $723 million. At $702 million at the time of writing, Toncoin’s DeFi TVL has spiked by over 60% over the past 30 days.
Total locked value of Toncoin. Source: Llama Challenge
Additionally, only five of the 17 DeFi protocols hosted on Toncoin saw a drop in TVL during this period. In fact, the chain’s largest protocol by TVL, DeDust, saw its TVL surge by over 100% over the past month.
Reflecting the increase in DeFi activity on Toncoin, daily trading volume across the decentralized exchanges (DEX) on the network hit an all-time high of $97 million on July 5.
TON Price Prediction: Coins Trade Below Key Moving Average
At the time of writing, TON is trading at $7.25. The overall market decline has caused its price to fall below its 20-day exponential moving average (EMA)
The 20-day EMA of an asset tracks its average price over the last 20 trading days. When an asset’s price trades below this level, it signals a decrease in buying pressure. This is considered a bearish signal.
If selling pressure on TON continues to increase, its price could drop to $7.1.
However, if sentiment shifts from bearish to bullish and demand increases, TON could surge to $7.46.
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