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TON Coin has been making headlines recently with an increase of over 50% in the past seven days. Despite facing various criticisms, the Telegram-backed altcoin continues its upward trend even in a bear market. But what dollar value is TON Coin aiming for?
Is TON Coin a Worthy Investment?
The top 10 investors hold 61% of the entire TON Coin supply. When considering the top 100 investors, this figure rises to 93.2%. The table below is very important for two reasons. Firstly, if major investors do not start rapid selling during the rally, new peaks can easily be reached.
Secondly, since the supply is abnormally distributed among holders, we may see the price move in the opposite direction more quickly during potential profit-taking than it did during the rise.
Although many investors are enticed by the rapidly increasing price, the fact that major investors hold such a large portion of the asset is quite risky. TON Coin, surpassing 23 billion dollars and entering the top 10 cryptocurrencies, achieved this due to the mercy of 100 major investors. If we overlook this significant detail, TON Coin could be a good alternative.
Another major risk is the potential for future issues with the US due to its Telegram-backed nature. The strict stance of US politicians towards countries like Russia and Iran is well known. The fact that sanctioned countries are profiting from crypto is troubling these politicians, reminding us of legal and political risks.
TON Coin Price Prediction
The price, following an upward trend, continues the day with a 10% gain. At the time of writing, TON Coin had jumped to $7.47. We had been warning for over 10 days about the accelerating rally since April 8, when it was above $5.69. Finally, the expected technical breakout occurred, and the price reached a new record level.
Since the channel’s resistance was recently broken, the next target will be $8.56. If the TON Coin price increases by another dollar, it will have reached this target. After that, it will focus on double-digit peaks above $10. However, as warned in the first section, a small number of investors with high profitability holding a large portion of the supply poses a serious risk of significant sales.
