- Recent surge in Toncoin's price, hitting a two-year peak.
- Likely catalysts: Telegram's remuneration program for channel owners and potential IPO.
- Potential influx of $30 billion liquidity from Telegram IPO, fueling TON blockchain growth.
- Toncoin currently testing support at $3.55; breaking this may propel rally to $5.
- Investors advised to monitor daily chart for close above $3.55.
Toncoin is capturing attention within the cryptocurrency community this week due to its prominent position in what could be the beginning of an altcoin surge. Over the past week alone, Toncoin has experienced a remarkable increase of more than 30%, marking its highest point in the last two years.
The surge in Toncoin's value has been significant, with gains exceeding 30% in just one week, notably spiking by over 20% between Tuesday and Wednesday. This surge has propelled Toncoin's price to approximately $3.58, surpassing its previous high of $3.12 last observed in October 2022. The accompanying surge in trading volume, reaching 3515, underscores growing investor interest, hinting at Toncoin's potential for further upward movement in the near future.
Behind Toncoin's recent climb lie several key catalysts. Notably, Telegram and The Open Network (TON) revealed plans for a remuneration program early in March 2024, where channel owners would receive crypto payments from ad revenue. Telegram's decision to distribute ad revenue equally with channel owners has generated considerable excitement around Toncoin, emphasizing Telegram and TON's commitment to integrating cryptocurrencies into their operations.
In addition to Telegram's initiatives, Binance announced in late February the launch of a perpetual futures contract for the $TON token, further bolstering Toncoin's ecosystem and potential value.
A pivotal development contributing to Toncoin's rise is the prospect of Telegram's initial public offering (IPO), as indicated by Pavel Durov, Telegram's founder, in a recent interview with the Financial Times. With Telegram's user base nearing 900 million and the platform edging closer to profitability, an IPO could attract institutional investors, injecting an estimated $30 billion of fresh liquidity into the ecosystem. Durov's statement about Telegram's profitability timeline underscores the potential for Toncoin's further growth as the IPO draws nearer.
Technically, Toncoin has broken above the $3.55 high, a significant milestone not achieved since October 2022. While a retest of this level is anticipated, considering current overbought conditions indicated by the RSI on the daily chart, Toncoin may consolidate above $3.55 before potentially surging to the 0% Fibonacci level between $5.38 and $5.44.
It's essential to recognize the inherent volatility of cryptocurrencies and conduct thorough research before making financial decisions. While Voice of Crypto aims to provide accurate information, readers should exercise caution and autonomy in their investment choices.