Toncoin has surged 96% in the last month with a sharp peak formation over charts. It is just 25% away from its all-time high (ATH) value, leading to growing interest among the community. In the past few days, Toncoin has displayed an incredible performance, so will it continue to grow further and hit ATH or fall? Let’s discuss that in this blog.
Toincoin Price Analysis
Toncoin, a native token of The Open Network (TON), is currently trading at $4.40 after a 22.47% hike from yesterday with a market cap of $15,244,429,989. It is ranked 12th on Coinmarketcap after its market capitalization surged by 22.48% in just a day. A significant surge of 17% is also noticed in the trading volume, pushing the value to $418,372,401.
A significant peak was formed on the 28th of February, which has continued to rise till now. Before that, its price was around $2 for two years. Toncoin peaked in November 2021, when it documented its ATH value of $5.85 on 12 November.
Factors That Will Push Toncoin To ATH
Toncoin is already trending for days and it has gained investors attention already. But there are a few other factors, which has helped Toncoin with the recent surge and can continue to do so until it reaches the ATH.
Upcoming Telegram IPO
Telegram founder and CEO Pavel Durov has revealed plans for an initial public offering (IPO). As Toncoin was launched by Telegram, this news has led to the sudden hike of the TON token, which surged to the highest value it has been to since December 2021.
In a recent interview with the Financial Times, Durov mentioned that: –
“Telegram is nearing profitability, possibly this year or next.”
He further mentioned that his company has rejected investment offers of more than $30 Billion. He would rather pursue an IPO to make sure that Telegram is not burdened by VCs.
The news was enough to impact the Toncoin prices. Any further news and advancements with Telegram will lift Toncoin towards a better price.
Whale and Community Support
According to the Lookonchain report, a whale has scooped up over 209,000 Toncoin tokens worth $858,000 (at the time of buying, 1 Toncoin cost $4.10). This incident happened earlier this week, and Toncoin prices have surged.
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
Whale involvement has also played an essential role in seeing an uptrend as the community follows the similar action of buying in hopes of getting higher prices.
A buying pattern is popular in the market, where people buy more after seeing the rise in the value of crypto, leading to a price surge. If the market continues to follow the same trend, there are chances that Toncoin might surge even more.
Ad Platform Launch
Telegram, a famous messaging app, has launched a Telegram ad built on the TON network. From the start of March, telegram channel owners of the 100 countries have started receiving financial rewards for displaying ads in their channels. The owners will get a 50% profit of all the total advertising revenue.
While making the transactions, the Telegram platform has favored the TON network for the payments. It’s important news for the Toncoin community as it has the potential to impact the Toncoin’s prices.
Conclusion
Crypto markets’ bullish nature has played a crucial role in pushing the cryptos, including Toncoin. Being a trending crypto in the market, it has reached the 12th position on Coinmarketcap. If the trend continues to be the same, Troncoin might hit ATH by month’s end. Read more about Top Cryptos For The Start of The Week.
