Key Points
- Toncoin (TON) has achieved a 26-month high, rising by 34.4% in the last 24 hours.
- The recent surge has placed TON in the 13th spot among leading cryptocurrencies with a market cap exceeding $13 billion.
Toncoin’s Recent Rally
Toncoin (TON) has recently seen a significant price increase, reaching its highest level in over two years. The cryptocurrency is currently trading at $3.75, marking a 34.4% increase in the past day. This impressive rally has pushed TON into the 13th position among the top cryptocurrencies, boasting a total market cap of more than $13 billion.
In addition to the price increase, Toncoin’s daily trading volume has also seen a substantial increase. The volume has jumped by 342%, currently sitting at around $300 million.
Increased Interest and Investment in Toncoin
Data from Santiment indicates a surge in TON’s total open interest (OI) from $12.1 million on March 11 to $16 million at the time of the report. The current funding rate for Toncoin is at 0.05%, suggesting that traders are anticipating a continued price rally unless there is a significant market shift.
The same data shows that over 226,000 TON tokens have been moved to exchanges in the past 24 hours, while more than 302,000 TON coins have been transferred to self-custodial wallets during the same period. This 76,000 TON exchange outflow indicates that investors may be holding onto the asset for the long term rather than seeking short-term profits.
According to Santiment, the TON price-daily active addresses (DAA) divergence is currently giving a buy signal. This bullish signal suggests a reduced likelihood of price manipulation by large investors, as more participants have joined the price rally.
In other news, Telegram founder Pavel Durov recently announced that Telegram is ready for an initial public offering (IPO) after reaching over 900 million users and a valuation of around $30 billion. Last week, TON also received an $8 million investment from Mirana Ventures for the development of Telegram’s web3 “SuperApp.”
