Toncoin price outlook amid vote to freeze 20% of supply

  • The price of TONcoin is around $2.36 as of 9:15am ET, and TON has only gained 1.2% in the last 24 hours.
  • TON blockchain validators are set to vote on proposals to freeze up to 1 billion coins.
  • Reducing the circulating supply of TON could help price momentum in the short term amid renewed buying pressure.

Tongcoin’s price was broadly flat on Tuesday morning, with the coin’s value rising only 1.2% and 2.7% over the past week and 30 days, respectively.

The Open Network (TON) Blockchain’s native coin, TON, was priced at around $2.06 on February 10, but has surged to highs above $2.40 as the broader market rose over the past week. However, today’s price action saw the coin test a low of $2.34 amid a broader market slowdown as Bitcoin bulls battled to keep BTC above $24,500. rice field.

So what is the outlook for the toncoin price?

TON Price Prediction Ahead of Key Vote on Token Supply

TON validator is set to vote Key proposals for Toncoin’s tokennomics, especially regarding the freezing of billions of TON tokens.

The proposal, if passed, aims to reduce the coin supply in circulation by 20%. If the validator adopts this proposal, 1 billion of his TON tokens will be frozen for the next 48 months. Doing so would reduce the total supply to about 4 billion, shrinking the circulating supply from the current 1.47 billion.

The TON developer’s proposal targets inactive accounts belonging to the first minor group of layer 1 blockchains. The team hopes the move will help bring more decentralization to the project.

The plan is to have these large whales lock assets through a network of validators for 48 months and still earn more toncoins. However, according to the proposal, only whales holding more than 300,000 tonnes will be able to lock the coin, making the current price of $2.36 worth just over $708,000.

Larger whales without such ownership can join the pool and bet TON.

Toncoin price in 2023

As I got it According to trading platform Dash 2 Trade below, Toncoin’s price is not off to an explosive start to 2023 like some of the market’s leading coins.

However, once the 1 billion TON tokens are locked, the short-term price action could turn upwards. Reducing the token supply in various ways as part of tokennomics is seen as positive for the price.

In this case, the bulls could retest $2.55 in the short term and consider December highs of $2.66.

However, the upward momentum may also depend on the overall market outlook in the coming months. It is also important that TON’s lock period is set at 48 months. This means that the price may go up and reverse when the coins start unlocking.

The TON is also down 55% from its all-time high of $5.29 reached in November 2021.

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