Toncoin [TON] has caused quite a stir over the past few days due to a significant price increase. Its social dominance has increased significantly, and its open interest is also trending positively.
Toncoin hits new ATH record
AMBCrypto’s daily analysis of Toncoin shows that Toncoin saw its first major surge on June 2. The chart shows that the Toncoin price increased by 8.60%, from about $6.3 to about $6.8.
On June 4, Toncoin once again surged by 7.48%, with the price breaking through $7.3.
This new price range marks an all-time high, surpassing the previous all-time high of around $7.2 set in April.
Toncoin briefly strayed from this new price range on June 5, falling more than 1.6%. However, it has since regained its old position.
As of this writing, Toncoin is trading at around $7.3, up more than 1.7%. The recent gains mean that the price is able to sustain new all-time highs (ATH). Any further gains will set new ATHs.
Furthermore, an analysis of Toncoin’s Relative Strength Index (RSI) shows that it is currently in a strong bull trend. As of the time of writing, the RSI is above 67, indicating that it is close to the overbought region.
Toncoin has the second highest increase in seven days
CoinMarketCap data analysis shows that Toncoin has risen by more than 12% in the past seven days. Among the top 20 assets, only Binance (BNB) has risen more, by more than 19%.
As of this writing, Toncoin has a market cap of approximately $17.6 billion, making it the ninth-largest asset by market cap.
Additionally, Santiment’s data shows that Toncoin’s (TON) social dominance is growing significantly. As of this writing, its social dominance is over 1.3%, indicating that it accounts for approximately 1% of discussions in the cryptocurrency space.
More cash flowing into TON
Analysis of Toncoin’s open interest on Coinglass shows significant cash inflows in recent days. The chart shows that open interest rose to nearly $227 million on June 5 before beginning to decline.