Toncoin, the native cryptocurrency of the Telegram Open Network (TON), rallied a staggering 25% in the last 24 hours, hitting its new all-time high at $4.45. At press time, the Toncoin (TON) price is trading at 16.31% up at $4.31 with a market cap of $15 billion. Interestingly, the 24-hour trading volumes have also surged 30% to $354 million.

What’s Behind the Toncoin (TON) Price Rally?

As there is a notable and steady correlation between TON price fluctuations and trading volume, optimism regarding the future price trajectory is mounting. Furthermore, the latest announcement discusses the potential distribution of 50% of the revenue to Telegram channel owners.

The announcement notes: “Telegram will distribute rewards using Toncoin on the TON Blockchain. Channel owners will start receiving 50% of all revenue generated from advertising on the company’s channels.”

The expansion of Toncoin is also due to the thriving initiatives within the TON blockchain ecosystem, notably within The Open League. Notably, TON Raffles has demonstrated impressive growth, with a remarkable 70% increase in user engagement and a notable 60% surge in Total Value Locked (TVL). In acknowledgment of its achievements, the TON Foundation has introduced a generous airdrop program, distributing 1 TON to each holder of TON Raffles tokens.

Furthermore, on-chain data provider Lookonchain noted that TONcoin’s price surge by 30% coincided with a notable transaction observed on the blockchain. Lookonchain detected a substantial purchase made by a whale investor, who spent 214 Ethereum (equivalent to approximately $858,000 USD) to acquire 209,237 TONcoin tokens. This transaction occurred on-chain at a price of $4.1 per TONcoin.

The sizable investment by the whale investor underscores growing interest and confidence in TONcoin, contributing to the notable uptick in its market value.

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

TON Price Action Ahead

As of the current writing, 95% of TON Coin investors are seeing profits. If there isn’t considerable profit-taking in the near future, it suggests these investors have their sights set on reaching new highs. Similar patterns were observed with the FLOKI Token, which remained at a 95% profit level before doubling in price.

However, it’s wise to consider the possibility of selling pressure. A 37% price surge warrants caution. Analysis of the four-hour chart indicates a short-term bullish trend in price movement.

Historically, TON Coin has received support around the $2.6 and $2.38 levels. In the event of a potential sell-off, prices may decline to these levels. However, if the current momentum persists, closing above $4 could potentially trigger a new upward movement towards the $5.8 mark.

The post Toncoin (TON) Price Hits New All-Time High, What’s Behind the Rally? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am