Toncoin (TON), the cryptocurrency associated with the popular messaging app Telegram, has achieved a significant milestone. On April 9, 2024, TON set a new all-time high (ATH) of $7.11.
Over the last seven days, Toncoin’s price has increased by more than 35%. However, after hitting its ATH, TON underwent a subsequent price correction and is currently trading at $6.49 at the time of writing.
TON Flips Cardano (ADA) for 10th Spot in Market Capitalization
This rally also made TON surpass Cardano (ADA) in market capitalization, which now holds the 11th position. TON’s market capitalization reached $22.43 billion, outpacing ADA’s $20.42 billion.
Despite the recent upward momentum, traders and analysts are now observing a consolidation period for TON between $6.50 and $6.75. Crypto trader Paxton outlined the key price levels in a recent X (formerly Twitter) post:
“Bulls need to break above resistance and reclaim $6.75 for a potential run. Bears watch for a break below support and a test of $6.50. Volume is key for direction!”
Read More: Which Are the Best Altcoins To Invest in April 2024?
BeInCrypto analyst Aaryaman Shrivastava previously anticipated this surge in TON’s value. On April 3, 2024, Shrivastava predicted TON’s potential to set a new ATH. He suggested that investors’ restraint in selling during rallies could open the door to further gains.
TON’s impressive growth stems from both market dynamics and significant developments within its ecosystem.
On April 8, 2024, developers of The Open Network (TON), the entity behind Toncoin, announced they would allocate $5 million in TON tokens to encourage users to adopt innovative palm-scanning identity verification.
Moreover, Telegram’s recent steps to enhance user benefits also likely contributed to TON’s success. On March 31, 2024, the platform introduced a revenue-sharing system. This initiative allows channel owners to earn 50% of advertisement revenue generated within their channels.
Telegram introduced a novel type of advertisement that can be purchased with TON to facilitate this.
The Telegram team officially announced that they chose TON Blockchain for their project due to its low transaction fees, fast processing speeds, and ability to handle many transactions per second.
Furthermore, TON has received significant backing from Mirana Ventures, a global Web3 investment firm. In early March, Mirana announced an $8 million secondary market purchase of Toncoin and a long-term collaboration with TON, noting its unique positioning due to its Telegram integration.
Read more: What Are Telegram Bot Coins?
Mirana is committed to fostering Telegram’s Web3 SuperApp and pursuing cross-chain collaborations.
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