Toncoin is the native token of the Telegram Open Network, a decentralized Layer 1 blockchain network designed to enable secure and efficient transactions. Toncoin is also used to cover transaction fees, facilitate payments, and validate transactions through the TON blockchain.
As we found on CoinMarketCap, Toncoin is the 12th largest cryptocurrency that is showing a notable uptrend in its portfolio after following a neutral trend. This positive movement suggests increasing investor interest and potential market growth ahead.
Toncoin surged by an impressive 24.64% in the past 24 hours, reaching a record high of $4.49 level. Currently, the TON Coin price stands at $4.25, showing 13.43% up, with a market cap of $14.76 billion. Notably, the 24-hour trading volumes have surged by 23% to $373 million.
The Story Behind Toncoin (TON) Price Rally
The recent surge in Toncoin price is attributed to multiple factors, including the overall positive sentiment around cryptocurrencies and speculations around the upcoming launches and developments.
The recent update highlights the possibility of distributing 50% of revenue to owners of Telegram channels, indicating a potential shift in the platform’s revenue-sharing model.
Moreover, Toncoin Raffles stands out with a 70% rise in user engagement and a 60% increase in Total Value Locked (TVL). With these achievements, the TON foundation launched a generous airdrop program giving 1 TON to each TON Raffles token holder.
Lookonchain, an on-chain data provider, highlighted that a 30% surge in Toncoin’s price coincides with a significant transaction on the blockchain. The event recorded a whale investor purchasing 209,237 TON tokens for 214 Ethereum, equivalent to around $858,000 for $4.1 per TON Coin.
How High Can TON Go in 2024?
Currently, 95% of TON Coin investors are experiencing profits. This trend implies that investors are aiming for new highs if profit-taking remains low. The technical aspect of TON Coin is also looking bullish, with multiple indicators suggesting a potential upward price movement.
As per our technical analysis, the TON Coin has the potential to reach a maximum price of $6.70, with an average value of $6.07 by the end of 2024. However, if the overall market gets bearish or any major negative news surrounding the TON ecosystem, the minimum value of the TON Coin may go down to $5.69 by 2024.
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Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
