Toncoin, the native cryptocurrency of the Telegram Open Network (TON), rallied a staggering 25% in the final 24 hours, hitting its new all-time excessive at $4.45. At press time, the Toncoin (TON) worth is buying and selling at 16.31% up at $4.31 with a market cap of $15 billion. Interestingly, the 24-hour buying and selling volumes have additionally surged 30% to $354 million.
What’s Behind the Toncoin (TON) Price Rally?
As there’s a notable and regular correlation between TON worth fluctuations and buying and selling quantity, optimism concerning the future worth trajectory is mounting. Furthermore, the newest announcement discusses the potential distribution of fifty% of the income to Telegram channel homeowners.
The announcement notes: “Telegram will distribute rewards using Toncoin on the TON Blockchain. Channel owners will start receiving 50% of all revenue generated from advertising on the company’s channels.”
The growth of Toncoin can also be attributable to the thriving initiatives inside the TON blockchain ecosystem, notably inside The Open League. Notably, TON Raffles has demonstrated spectacular progress, with a exceptional 70% enhance in consumer engagement and a notable 60% surge in Total Value Locked (TVL). In acknowledgment of its achievements, the TON Foundation has launched a beneficiant airdrop program, distributing 1 TON to every holder of TON Raffles tokens.
Furthermore, on-chain knowledge supplier Lookonchain noted that TONcoin’s worth surge by 30% coincided with a notable transaction noticed on the blockchain. Lookonchain detected a considerable buy made by a whale investor, who spent 214 Ethereum (equal to roughly $858,000 USD) to amass 209,237 TONcoin tokens. This transaction occurred on-chain at a worth of $4.1 per TONcoin.
The sizable funding by the whale investor underscores rising curiosity and confidence in TONcoin, contributing to the notable uptick in its market worth.
The worth of $TON(#Toncoin) elevated by practically 30% at the moment!
We observed {that a} whale spent 214 $ETH($858K) to purchase 209,237 $TON at $4.1 on-chain.https://t.co/BGyj7ugsLw pic.twitter.com/EiUOkcup3e
— Lookonchain (@lookonchain) March 13, 2024
TON Price Action Ahead
As of the present writing, 95% of TON Coin buyers are seeing income. If there isn’t appreciable profit-taking in the close to future, it suggests these buyers have their sights set on reaching new highs. Similar patterns had been noticed with the FLOKI Token, which remained at a 95% revenue degree earlier than doubling in worth.
However, it’s clever to contemplate the chance of promoting strain. A 37% worth surge warrants warning. Analysis of the four-hour chart signifies a short-term bullish development in worth motion.
Historically, TON Coin has acquired help round the $2.6 and $2.38 ranges. In the occasion of a possible sell-off, costs might decline to those ranges. However, if the present momentum persists, closing above $4 might doubtlessly set off a brand new upward motion in the direction of the $5.8 mark.
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