Telegram-backed ecosystem TON Foundation might soon unveil a new coin to mint on the untapped stablecoin market. Steve Yun, the president of the TON Foundation, had revealed bold aspirations to create a stablecoin with a capitalization of an astounding $10 billion.
The announcement comes as the stablecoin market has gained traction with many investors trying to escape volatility by investing in stablecoins.
TON Eyes Market Development
TON Foundation’s aim of debuting a new stablecoin comes as the ecosystem had previously eyed various market developments.
Previously, TON and Arkham Intelligence had announced a partnership aiming at advancement in blockchain analytics. The goal of this partnership, which was announced earlier by Arkham Intelligence, was to combine TON’s blockchain architecture with Arkham’s powerful data analytics capabilities, enabling millions of TON and Telegram users to access cutting-edge on-chain analytics.
Additionally, TON had also stepped a foot in boosting its DeFi ecosystem. The foundation unveiled the start of a 5 million Toncoin incentive program, which was worth about $23.7 million at that time.
The goal of this endeavor was to boost liquidity and encourage the use of USDt-TON, Tether’s stablecoin on the TON blockchain.
TON has positioned the newly launched incentive program as a crucial part of its DeFi strategy, with a focus on increasing the liquidity of the USDt-TON reward program.
According to the official blog post of the TON Foundation, the program’s goal is to encourage greater liquidity among various decentralized protocols that operate on the TON blockchain.
TON Price: What is Happening?
The Open network development so far and TON’s plans have so far kept the price of TON up float. At present, the coin is trading at $5.52, up 1.97% as compared to the same time last day.
Market parameters show that the Fear & Greed Index for the coin is currently at 94 (Extreme Greed), while the sentiment is neutral.
Additionally, over the previous 30 days, Toncoin had 16 out of 30 (53%) green days and 5.18% price volatility. Current data for the coin hints at all possibilities of a rise in price with 20 technical analysis indicators indicating bullish signs and seven indicating bearish signals.
If the present momentum continues, in the upcoming month, Toncoin’s 200-day SMA is expected to grow, reaching $ 6.60. By December-mid the short-term 50-day SMA for Toncoin is predicted to reach $8.58.
Also, at 56.99, the RSI figure for the coin shows that the TON market is now in a neutral position.