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Toncoin ($TON) has recorded a massive spike within the last 24 hours as its price rallied by over 15% on the cryptocurrency market. This development has pushed $TON up among ranking cryptocurrencies per market capitalization, outshining Shiba Inu ($SHIB).
Is Telegram’s partnership with Grok fueling $TON's rise?
Toncoin has risen to 16th place with a market cap of $8.52 billion, flipping dog-themed Shiba Inu to 17th place with its $8.32 billion.
As of press time, Toncoin price was trading at $3.46, representing a 15.65% increase in the last 24 hours. Trading volume has also spiked by 435.01% to $770.83 million as investors actively transact on the marketplace.
Toncoin rose from a low of $2.98 in earlier trading to a peak of $3.69 before settling at the current level. Due to some developments in the broader space, market sentiment has remained bullish during this period.
Notably, Telegram recently collaborated with Grok in a move that would see X, an artificial intelligence Grok AI chatbot, integrated into Telegram. The partnership deal involves cash, equity and a 50% revenue share sold via Telegram.
This development could have triggered the soaring value of $TON in the marketplace, contributing to flipping $SHIB.
Can $TON breach $4?
Interestingly, Toncoin had flipped Shiba Inu in early March despite its bearish outlook. However, over several weeks, $SHIB was able to reclaim 16th place. The current development signals a shift in the market between these two assets in the crypto space.
With this recent development, the ecosystem might witness another rally as trading volume is at a peak. If $TON whales sustain the transaction, the price is likely to skyrocket.
Toncoin’s technical analysis shows that, in the short term, if this bullish momentum continues, $TON could climb to breach the $4 level. However, it has to overcome a critical resistance at $3.80. A breakout after this point could push the price toward the $5.50-$7 price range.