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- Toncoin (TON) staged an all-time high run to hit $4.45, surged by 20% in just 24 hours and 62% in 30 days.
- Analysts believe that the price is reacting to the recent report that Telegram would introduce an advertising platform.
With the explosive run of the broad market pushing the total market cap to a whopping amount of $2.74 trillion, Toncoin, the native crypto of the Telegram Open Network (TON) rides the wave, smashing through previous records to establish a new all-time high of $4.45. This asset made a dramatic entry into this position after surging by 20% in the last 24 hours, 62% in the last seven days, and 109% in the last 30 days.
Toncoin has now surpassed the likes of Chainlink (LINK) and Polkadot (DOT) to become the twelfth largest crypto with a market cap of $14.74 billion. In September 2023, TON entered into the top ten largest coins by market cap as formerly captured by Crypto News Flash. Its 24-hour trading volume also surged by 30% within the period to reach $354 million according to market data. This comes after the asset surged by 2.7% on Sunday as reported by Crypto News Flash.
The sudden price surge leaves late investors in a state of confusion as they observe a fluctuation between the price and the trading volume. Interestingly, on-chain data makes a clear justification for this sharp move with data provider Lookonchain showing a notable transaction on the blockchain. According to Lookonchain, a whale spent 214 Ethereum ($858,000) to purchase 209,237 TON tokens. At the time of this transaction, TON was trading at $4.1.
Price Analysis of Toncoin (TON)
The price growth has also been linked to the recent announcement that Telegram is launching its advertising platform. This implies that channel owners would stand a chance of receiving a significant reward. According to the expected revenue-sharing model, channel owners could earn 50% of ad revenue in Toncoin.
Telegram will distribute rewards using Toncoin on the TON Blockchain. Channel owners will start receiving 50% of all revenue generated from advertising on the company’s channels.
According to other reports, the price is also reacting to the acceptance of initiatives on the TON blockchain ecosystem. The Ton Raffle, for instance, has recorded an impressive increase in user engagement by 70%, with the Total Value Locked (TVL) surging by 60%. The Ton Foundation, in acknowledgment of this achievement, is distributing 1 Ton to each Ton Raffles token holder in an airdrop program.
Founder Pavel Durov in a recent interview hinted at an Initial Public Offering (IPO), positioning the asset in a better light to attract investors.
Based on the current price action, 90% of Ton investors are making a profit. Similarly, most altcoin investors are in the profit zone with 95% of Floki investors making a profit. With this run, analysts warn that investors become cautious with any possible selling pressure.
According to a four-hour price chart, there is a short-term bullish trend in price movement. In cases where the bulls lose market control to bears, the price could fall and find support between $2.6 and $2.38. However, the asset could extend its bullish run to $5.8 once the current momentum persists. Interestingly, this is in line with a prediction by analyst Alex Clay who believes that TON could hit $5.4.