- Toncoin hits an all-time high of $4.45, with a 25% increase in the last 24 hours.
- Strategic initiatives and significant whale transactions bolster market confidence and investor interest in Toncoin.
Toncoin, the native cryptocurrency of the Telegram Open Network (TON), has catapulted to new heights, marking a staggering 25% increase within a mere 24-hour window. This remarkable rally has propelled Toncoin to an all-time high of $4.45, showcasing its burgeoning appeal and rapidly expanding investor base.
As the digital currency continues its upward trajectory, it currently boasts a trading value of $4.41, which reflects an increase of 20.58% in the last 24 hours and 63.37% in the last 7 days. It complemented by an impressive market capitalization of $15 billion.
In an ETHNews report at the beginning of this month, the announcement of Telegram’s ads revenue had caused TON prices to rise, this started a positive impression which is currently evident.
TON Volume and Value: The Driving Forces
A notable surge in the 24-hour trading volumes, escalating by 30% to reach $354 million, underscores the heightened activity and liquidity surrounding Toncoin.
Analysts are drawing correlations between the fluctuation in Toncoin’s price and the corresponding trading volumes, pointing towards a burgeoning optimism about the cryptocurrency’s future valuation.
The price rally can be partly attributed to a significant announcement from Telegram concerning the prospective distribution of 50% of advertising revenue to channel owners on the platform.
This innovative initiative aims to reward channel owners with Toncoin, utilizing the TON Blockchain for transactions. This strategic move is expected to foster a more engaged and incentivized community within the Telegram ecosystem.
The Open League: A Catalyst for Growth
The TON blockchain ecosystem, particularly through initiatives like The Open League, has been a fertile ground for Toncoin’s expansion. TON Raffles, a key player within this domain, has witnessed a 70% spike in user engagement, alongside a 60% increase in Total Value Locked (TVL).
This surge in activity has not gone unnoticed, with the TON Foundation rolling out an airdrop program, rewarding TON Raffles token holders, further stimulating interest and participation in the ecosystem.
Whale Movements and Market Confidence
The market’s confidence in Toncoin has been bolstered by significant whale transactions, most notably a purchase of 209,237 Toncoin tokens with 214 Ethereum, equating to approximately $858,000.
This transaction, which was revealed by Lookonchain, occurring at a rate of $4.1 per Toncoin, highlights the growing investor interest and the potential for large-scale investments to sway market sentiment.
The price of $TON(#Toncoin) increased by nearly 30% today!
We noticed that a whale spent 214 $ETH($858K) to buy 209,237 $TON at $4.1 on-chain.https://t.co/BGyj7ugsLw pic.twitter.com/EiUOkcup3e
— Lookonchain (@lookonchain) March 13, 2024
Investor Sentiment and Future Prospects
With 95% of Toncoin investors currently in profit, the market sentiment remains predominantly bullish. Comparisons are being drawn with other cryptocurrencies that have maintained high profit levels before experiencing substantial price gains.
However, analysts advise caution, pointing to the potential for selling pressure following a 37% surge in price. The four-hour chart analysis suggests a short-term bullish trend, with historical support levels identified at $2.6 and $2.38, offering a safety net in case of market corrections.