crypto.news
Toncoin, The Open Network’s native cryptocurrency token, has once again entered the list of the 10 most significant coins by market cap.
According to data from CoinMarketCap, Toncoin ($TON) has overtaken Avalanche (AVAX) in market capitalization, reaching a market capitalization of $19 billion at the time of writing.
Along with the increase in market capitalization, the token’s trading volumes also jumped sharply, increasing by 91% over the last 24 hours and amounting to $223 million.
$TON also increased in price by 6.3% over the past 24 hours, reaching $5.45 at the time of writing. Since the beginning of the year, the coin’s price has risen by 120%.
Toncoin’s market cap history
In September 2023, $TON overtook Tron (TRX) after launching a digital wallet on Telegram’s popular messaging app. The announcement was made during the Token2049 conference in Singapore.
Telegram Founder Pavel Durov announced a new financial reward system for channel owners using the $TON cryptocurrency in March. Telegram users can purchase advertisements using Toncoin, and channel owners will receive 50% of advertising revenue. Withdrawals will be available through the Fragment blockchain platform.
Also in March, Durov reported that Telegram had received a preliminary valuation of “$30 billion or more” ahead of a potential IPO, and crypto exchange Binance announced the launch of a perpetual futures contract for Toncoin. News of this gave impetus to the growth of $TON’s price.
You might also like: $TON hits world record for blockchain speed