The Toncoin price surged 5% in the last 24 hours to trade at $5.60 as of 5.10 a.m. EST on trading volume that soared 101% to $1.36 billion.
The TON price’s 5% surge is part of a recovery from a drop seen on August 24. This was when the news emerged that Telegram founder, Pavel Durov, was arrested by the French authorities for his ties to Telegram.
The French authorities held him accountable for enabling various illegal activities that criminals are organizing through the Telegram app. For example, they alleged Durov was complicit in money laundering, helping spread child pornography, refusing to communicate to authorities, and other illegal activities.
Since then, the French authorities have been heavily criticized by Durov’s defenders for taking him into custody, claiming that the move represents an attack on freedom of expression. Since then, Durov has been charged and released after paying 5 million EUR-large bail, and while he is not allowed to leave the country, his release caused the TON price to see a slight recovery.
Toncoin Price Prediction
The past 24 hours have brought a lot of volatility to Toncoin, seeing it both skyrocket and correct, only to grow again. In the past few hours, the token’s performance has been relatively flat, but multiple technical indicators suggest that its price is preparing to break out.
The token’s Bollinger bands have seen extreme narrowing recently, especially after a massive widening seen yesterday at the time of the price surge. This is a strong bearish signal, which suggests that the price might soon see a strong correction.
Somewhat contradictory, the token’s Relative Strength Index (RSI) value has been fluctuating between the neutral area and the overbought zone, suggesting that traders are both buying and selling, but that the buyers have a stronger hold on the token’s price performance.
What’s more, the crypto market has seemingly managed to shake off the bearish influence, with many coins starting to trade in the green again, which could contribute to Telegram’s own positive price performance.
Finally, Pavel Durov’s release could yet contribute to the token’s positive performance even further, now that the bearish grip has started weakening. However, investors and traders should do well to remember that the uncertainty is still dominating across the market and that things could easily take a turn for the worse at any moment.
With such high volatility, the risk is also very high, meaning that there is a high chance of seeing losses for those lacking experience and sophisticated trading strategies.
Promising Alternatives to Toncoin
With the Toncoin price in a delicate position, many investors are looking for less risky investment opportunities, and one of the best available cryptos like that right now might be Crypto All-Stars (STARS).
Crypto All-Stars is a new meme coin project that launched its presales a few weeks ago, offering its native token, STARS. However, the project immediately stood out from other meme coins, even during 2024 — the year when this sector thrived, with dozens, if not hundreds of new joke cryptos going live. The reason for that is simple — Crypto All-Stars introduced a new type of smart contract that could forever revolutionize staking.
As one of the most popular DeFi activities across the industry, staking allows users to lock up cryptocurrencies of specific projects and receive more tokens as a reward. Staking helps protect the cryptocurrencies’ networks, and at the same time, it reduces the number of coins in circulation, which can have a positive effect on their prices.
But, each crypto only lets you stake its own coins or tokens within its smart contracts, or at least, that was what things used to be like until now. Crypto All-Stars developed a new smart contract for staking called MemeVault which lets users stake all the top meme coins, such as Dogecoin, Pepe, Turbo, Brett, Milady, Floki, and others. As such, it promotes unity among meme coins, and it acts as the center of future meme coin staking.
This immediately drew investors to its ICO, which has since raised over $844k, and is rapidly approaching its first million. You can join the ICO right now and buy the STARS token for only $0.0014078 apiece using ETH, BNB, USDT, or credit/debit cards. The project even attracted the attention of a major crypto YouTuber, Jacob Crypto Bury, who said that it has at least 10x potential in a recent video.
Visit STARS official website.
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