Toncoin (TON) has truly sparkled in the midst of an incredible market slump, distinguishing itself from competitors and capturing all the attention. The recent increase could pave the way for TON to move into the top 10 tokens in the coming days.
Toncoin Leaves Competitors Behind
Coinmarketcap data shows TON has seen an incredible rise in the last 24 hours, outperforming any cryptocurrency in the top 10 list.
As of writing, TON has a market value of over $13 billion and is trading at $3.90. The noticeable price increase has also significantly boosted social dominance and positive sentiment, placing TON at the center of crypto discussions.
During this period, there was also a noticeable increase in trading volume, indicating that investors were actively buying and selling the token.
This impressive growth rate could possibly result in TON maintaining its momentum and breaking into the top 10, potentially taking the place of cryptocurrencies like Dogecoin or Cardano. At the time of writing, these cryptocurrencies are holding their 10th and 9th positions, respectively, with AVAX trailing them.
Toncoin (TON) Purchases Continue
On the other hand, to see what TON’s metrics indicate, one can examine the charts provided by Santiment. The increase in exchange outflows shows high buying pressure on the token. Meanwhile, while there was a decrease in supply on exchanges, the supply outside of exchanges continued to increase significantly in the last 24 hours.
Whale activity specific to TON also continued to rise on the day. Another indicator of the rise was the MVRV ratio.
Data emerging from the derivatives market also paves the way for Toncoin investors to adopt an optimistic view. Looking at Coinglass data, it was observed that TON’s Open Interest rose in parallel with the price at press time.
An increase in metrics indicates that the current trend has a high probability of continuing to rise. Additionally, there was an increase in Toncoin’s long/short ratio.
While all this is happening, TON continues to trade at $3.90 as of writing. Over the past month, TON has experienced a rise of over 70%, drawing the attention of market participants.
In days when the market is generally down, the rise seen in TON could potentially lead to further increases in the coming days.
