Toncoin, a cryptocurrency with roots in Telegram’s development efforts and later adopted by the open-source community, is causing ripples in the crypto market as it edges closer to rivaling the market capitalization of Dogecoin, the OG meme coin.
In the past day alone, Toncoin witnessed a substantial surge, soaring by 7.31% and pushing its market cap to an impressive $25 billion. This places it just $2 billion shy of Dogecoin’s towering $27.6 billion market cap.
Starting the day at $6.70, Toncoin reached a peak of $8.80 on Bitfinex, marking an all-time high before settling at its current price of $7.10. This surge represents an 8% increase in the last 24 hours, a remarkable 40% surge in the past week, and an astounding 125% surge in the last 30 days.
The recent spike in Toncoin’s value can be attributed to several factors. Firstly, rumors swirling around Telegram’s potential public offering have been circulating for some time. Telegram CEO Pavel Durov hinted at such a move in March, indicating a strong interest in launching a direct initial public offering.
imagine if you had an L1 with 900 million active users, thats basically the argument for the toncoin trade
— Ansem 🐂🀄️ (@blknoiz06) April 10, 2024
Additionally, the introduction of the Notcoin game has further propelled Toncoin’s popularity. This game incentivizes users to engage with the TON ecosystem by rewarding various activities such as installing wallets, purchasing NFTs, and upgrading Telegram accounts.
Despite its bullish outlook, Toncoin may be approaching a bearish correction. Technical analysis reveals an overbought condition, as indicated by the Relative Strength Index (RSI) and a strong bullish trend according to the Average Directional Index (ADX).
Toncoin faces a pivotal moment as it aims to surpass Dogecoin’s market cap. While it has already overtaken Cardano in terms of market capitalization, the gap between Toncoin and Dogecoin is rapidly closing. However, the cryptocurrency market is notoriously volatile, and external factors such as influential tweets could sway the balance in Dogecoin’s favor.
As Toncoin continues its upward trajectory, investors closely monitor its price movements and consider potential accumulation points for optimal entry into this dynamic market
