In the past month, Toncoin has increased 96%, forming a strong peak on the charts. With only 25% separating it from its all-time high (ATH) value, the community’s interest is growing. Toncoin has performed incredibly well over the last three days. Will it keep rising and reach its ATH or decline? Let’s talk about it in this blog post.
Analysis of Toincoin Prices
With a market valuation of $15,244,429,989, Toncoin, the native token of The Open Network (TONNE), is presently trading at $4.40 following a 22.47% increase from yesterday. With a 22.48% increase in market capitalization in a single day, it is now placed 12th on Coinmarketcap. The trade volume also shows a notable 17% increase, increasing the value to $418,372,401.
February 28 marked the formation of a notable peak, which has since risen. It cost about $2 for two years prior to that. On November 12, 2021, Toncoin recorded its ATH value of $5.85, marking its high in November 2021.
Elements That Will Cause Toncoin To Reach ATH
Days have already passed since Toncoin became popular, and investors are starting to take notice. However, a few additional elements have contributed to Toncoin’s recent rise and will likely do so until it hits the ATH.
upcoming initial public offering (IPO) of Telegram
Pavel Durov, the CEO and founder of Telegram, has disclosed plans to go public (IPO). The news that Telegram was launching Toncoin caused a sharp increase in the value of the TONNE token, which shot to its highest level since December 2021.
Durov stated the following in a recent interview with the Financial Times: –
“Telegram is getting close to becoming profitable, maybe this year or next.”
He went on to say that his business had turned down over $30 billion in investment offers. To ensure that venture capitalists do not encumber Telegram, he would prefer to seek an IPO.
The price of Toncoin was impacted by the news sufficiently. Any fresh developments and updates on Telegram will push the price of Toncoin upward.
Whale and Local Assistance
A whale reportedly acquired approximately 209,000 Toncoin tokens, valued at $858,000 (at the time of purchase, one Toncoin was valued at $4.10), according to the Lookonchain article. Toncoin prices have increased since this occurrence earlier this week.
The price of $TON(#Toncoin) increased by nearly 30% today!
We noticed that a whale spent 214 $ETH($858K) to buy 209,237 $TON at $4.1 on-chain.https://t.co/BGyj7ugsLw pic.twitter.com/EiUOkcup3e
— Lookonchain (@lookonchain) March 13, 2024
An increase has also been observed as a result of whale engagement since the community has adopted a similar buying strategy in the hopes of obtaining better prices.
In the market, there is a common buying trend wherein buyers increase their purchases following a rise in the value of cryptocurrency, resulting in a price explosion. Toncoin might experience an even more significant increase in value if the market keeps going in the same direction.
Launch of an Ad Platform
The well-known messaging software Telegram has released a Telegram advertisement that utilizes the TONNE network. Telegram channel owners in 100 countries have begun to get paid for running advertisements in their channels as of the beginning of March. A profit of fifty percent of the overall advertising revenue will go to the owners.
The Telegram platform has prioritized the TONNE network for payments during the transaction process. The possible impact on the values of Toncoin makes this news significant for the Toncoin community.
In summary
Toncoin and other cryptocurrencies have risen as a result of the bullishness of the cryptocurrency markets. It is now ranked 12th on Coinmarketcap as a trending cryptocurrency. By the end of the month, Troncoin might reach its all-time high if the current trend holds. See more about The Week’s Top Cryptocurrencies.
