Toncoin is among the cryptocurrencies that have made a significant impact recently. This period even carried it into the top 10 cryptocurrencies by volume. After the price rose to $7.78, there was a slight pullback. As of the time of writing, the TON price stands at $7.57 after a 3.21% increase in the last 24 hours. TON’s market cap has surpassed $18.4 billion, while its trading volume is at $456 million after a 24% increase. So, what’s happening with TON?
Why is TON Price Rising?
Despite the decline in Bitcoin, some altcoins are coming to the forefront. Toncoin is among these cryptocurrencies and has risen along with many altcoins following the announcement of the Consumer Price Index (CPI). Despite the Federal Reserve’s announcement of keeping interest rates unchanged, there was no decline in TON’s price.
Additionally, Toncoin surpassed Ethereum in daily active users, drawing significant attention. It is also worth noting that Telegram, with approximately 900 million active users, supports TON, leading to significant trading volume fluctuations and price increases.
TON’s Total Value Locked (TVL) is at $1 billion, and the number of Toncoin wallets has risen from 1.28 million to 8 million. This indicates increased demand among those who trust and invest in the project.
Will TON Price Continue to Rise?
TON’s price has been rising for over 24 hours. Noted analyst Ali Martinez predicts that Toncoin’s price could increase by 40%, potentially reaching $11.
Many market participants also believe in Andrew Kang’s words:
TON seems to be one of the biggest growth stories of this period.
With all these developments, TON’s price is only 2.76% away from its ATH level of $7.78 and could surpass this level with a new upward price movement potentially initiated by BTC.
