TON Token Records Impressive 11% Intraday Gain Post Pantera Investment

Pantera Capital has announced its investment in TON, a Layer 1 network developed with origins in Telegram and now driven by the open-source community. This investment highlights the firm’s belief in TON’s potential to expand cryptocurrency accessibility significantly, leveraging Telegram’s robust user base of over 900 million monthly active users.

Pantera Capital sees TON’s integration with Telegram as a key step toward making it one of the largest crypto networks globally. As reported in an official blog post, TON, integrated within this platform, benefits from Telegram’s vast reach and seamless user experience.

In January 2024 alone, Telegram recorded 36.7 million downloads, far outpacing its closest competitor, Signal, by tenfold. Moreover, the joint effort between Telegram and TON is particularly notable because Telegram embodies much of the ethos of Web3, emphasizing decentralization, security, and user empowerment.

Paul Veradittakit, Pantera’s managing partner, noted in a blog post:

“Telegram is the only major platform that is free of regulatory hurdles to incorporate Web3 for an open blockchain network.”

Unlike other major messaging platforms like Messenger and WeChat, which have faced regulatory challenges in their attempts to integrate cryptocurrencies and digital payments, Telegram stands apart. It offers a regulatory-compliant environment conducive to crypto integrations.

TON Price Action

The TON token has experienced a notable uptick in value over the last 24 hours, reaching an intraday high of $5.383. As of press time, the token is trading at $5.287, marking an 11.29% increase from the previous day.

TON/USD 24-Hour Chart (Source: CoinStats)

This rise in value positions TON as the 9th largest cryptocurrency by market cap, which now stands at $18,458,514,828—an 11.91% increase. This surge is largely due to Pantera Capital’s recent investment in Telegram’s TON blockchain project, igniting renewed interest and optimism within the crypto community.

Comparatively, TON has outperformed Bitcoin, showing an 8.32% increase relative to the leading cryptocurrency. However, despite the bullish price movement, the trading volume for TON has decreased by 9.03% in the last 24 hours, totaling $226,761,318. This suggests that while the market sentiment is positive, trading activity has lessened, indicating a more cautious approach by investors and traders.

TON’s Upward Trajectory on the Rise

In the technical analysis of the 4-hour chart, the Bull Bear Power indicator reveals a positive trend, with increasing green bars above the zero line. This pattern suggests that bullish momentum is building, hinting at a potential uptrend on the horizon.

TON/USD 4-Hour Chart (Source: Tradingview)

Simultaneously, the Relative Strength Index (RSI) is positioned at 58.02, progressing vertically above the signal line. This movement underscores a bullish trajectory for the TON market in the short term.

Importantly, with the RSI above the neutral threshold but below the overbought zone, there appears to be ample opportunity for further upward movement without immediately hitting overbought conditions. This setup indicates a robust short-term bullish outlook for the market.