- Toncoin is currently trading at $2.36 ET as of 9:15 AM ET. TON has risen 1.2% in 24 hours.
- The TON blockchain validators will vote on a propol that would freeze up to 1,000,000 coins.
- In the face of fresh buying pressure, a reduction in TON circulating supply could improve price momentum.
Toncoin price is largely flat on Tuesday morning, with the coin’s value only 1.2% and 2.7% higher in the past week and 30 days respectively.
The native cryptocurrency on The Open Network (TON), was at $2.06 on February 10, before climbing to higher levels of $2.40 this week as the wider market rallied. However, today’s price action has seen the coin decline to test lows of $2.34 – again amid a broader market slowdown that has Bitcoin bulls battling to keep BTC above $24,500.
So, what’s the outlook for Toncoin price?
TON price prediction ahead key vote on token supplies
Validators for TON are set to vote on a major proposal around Toncoin’s tokenomics, particularly on freezing billions of TON tokens.
💎 TON’s tokenomics optimization
On February 21, @ton_blockchain Validators will vote on a proposal for optimizing tokenomics. If the proposal is approved, the Toncoin circulating supply will be decreased by 20% through the freezing of the coin for 48 months and then unfreezing. pic.twitter.com/MXwWjt7YAZ
— Tonstarter (@ton_starter) February 20, 2023
This proposal aims at reducing the coin’s circulating supply by 20% if it passes. The proposal will be approved by validators and 1 billion TON tokens will remain frozen for 48 months. The total supply will fall to approximately 4 billion and the circulating supply will shrink from 1.47 billion.
TON developers’ proposal targets inactive accounts belonging to the layer-1 blockchain’s first group of miners. The team hopes this move will bring more decentralisation to project. Frozing inactive large wallets won’t ostensibly give up control over the early whales.
This plan would see large whales secure their assets for 48-months through a network or validators. However, this would not guarantee them more Toncoin. The proposal states that only whales with 300,000 TON or greater will be able lock their coins. This is at current prices of $2.36 which is just over $708,000.
Large whales who don’t have such holdings can join a pool and stake their TON.
Toncoin prices in 2023
As noted Below, Dash 2 Trade reports that Toncoin has not seen an explosive start to 2023 like some of the most popular coins on the market.
📰3/ $TON Vote for Freezing 20% by Validators #Toncoin Supply.
✔️The proposal could be used to freeze 1 billion #Toncoins.
✔️The project aims for greater. #Decentralization.
✔️ $TON For a month, prices were flat.
— Dash 2 Trade (@dash2_trade) February 21, 2023
The 1 billion TON tokens being locked could mean that the price will rise in the short term. Tokenomics, which reduces token supply by various means, is generally viewed as a positive price.
If this is the case bulls may be interested in retesting $2.55 then December highs $2.66 in short term.
Any upside momentum will depend on the market outlook over the next few months. Important is the 48 month lock period for TON, which could cause prices to rise and then flip once coins have been unlocked.
TON is 55% lower than its record high of $5.29 in November 2021.
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