Telegram Open Network‘s (TON) native asset, Toncoin (TON), has made a notable surge, reaching an all-time high of $4.45 with a 25% increase in the last 24 hours. Currently, TON’s price is shining at $4.31 with a market cap of $15 billion. The price increase of the Altcoin was accompanied by a significant increase in transaction volume, which reached $354 million, a 30% increase. This reflects the growing investor interest and optimism for TON’s future prospects.
The Rise of TON
TON‘s recent price increase can be attributed to various factors, including optimism about the future price trajectory fueled by the correlation between volatility and transaction volume. Additionally, an announcement on Telegram about the potential distribution of 50% of the revenue to channel owners has further increased investor interest surrounding TON.
With this initiative, Telegram commits to using Toncoin Blockchain to distribute rewards, providing a new way for channel owners to generate revenue.
The expansion of the Toncoin ecosystem is also supported by initiatives within the Toncoin Blockchain ecosystem, particularly The Open League. Notably, TON Raffles witnessed impressive growth with a significant increase in user participation and the total value locked (TVL). The TON Foundation launched a generous AirDrop program to appreciate their success, distributing one TON to each TON Raffles token holder, thereby further stimulating and increasing activity within the ecosystem.
Whale Investor Deposits $858,000 in TON
On the other hand, the data provider for the chain, Lookonchain, detected a significant purchase-oriented transaction coinciding with TON’s price increase. According to the findings, a whale-level investor spent approximately $858,000 worth of 214 Ethereum (ETH) to buy 209,237 TON. This indicates a growing interest and confidence in TON among large investors. This significant investment contributed to the notable increase in TON’s market value.
Although the majority of TON’s investors are currently in profit, especially considering the significant 37% price increase, it’s important to acknowledge the risk of profit-taking. Analysis of the altcoin’s four-hour price chart suggests that short-term pullbacks could be expected around the historical support levels of $2.6 and $2.38. However, if the upward trend continues, TON could potentially target new highs above $5.8.
