The Open Network (TON) blockchain is experiencing a surge in popularity and value, driven by the upcoming token generation event (TGE) for Hamster Kombat, a viral play-to-earn game on the Telegram platform.
The game’s success and the anticipated token launch have spurred increased activity on the TON network, suggesting a growing interest in its potential. Hamster Kombat’s TGE will see the technical generation of the HMSTR token. As per the game’s official website, the token’s in-game utility will also be revealed in July, and the project will continue to undergo significant upgrades.
It is important to note that Hamster Kombat reached the 200 million user milestone in just three months of its debut, claiming to be the third-fastest application to do so. The “Tap-to-Earn” game, just like Notcoin (NOT), expects to break records and achieve ambitious milestones.
The TGE will utilize the TON blockchain for token generation and airdrop distribution. Further, TON wallets will be integrated with the gaming platform, providing additional utility to Toncoin. Hamster Kombat will also unveil additional events and in-game features like Squad Kombat, characters and skins, time-limited events, and live events in Q4 of 2024.
The debut of viral games like Notcoin and Hamster Kombat has boosted the popularity of Toncoin (TON) and the TON blockchain. The network’s total value locked (TVL) rose from $13.51 million at the start of the year to a monumental $712.25 million as of July 4, DefiLlama data shows.
The all-time high TVL of TON stands at $733.62 million, recorded on July 2. Meanwhile, the price of the token has yet to catch up. As per CoinMarketCap, the digital asset is priced at $7.60, down 4.96% in the last 24 hours.
As seen in the chart below, the Relative Strength Index (RSI) for Toncoin reads a value of 51.88, indicating buying pressure remains higher. However, the gradient of the line suggests a potential entry into the bearish region.
Source: Trading
The TON token is also down 7.6% from its all-time high of $8.24 on June 15. However, it is up 431.83% since July 2023, making it one of the best-performing altcoins in the market. The recent market downturn has possibly affected the price action of TON.
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