Toncoin (TON) has recently achieved its highest value in 26 months, claiming the top position among the list of highest gainers.
In the past 24 hours, TON has surged by 34.4%, reaching a trading price of $3.75. This impressive rally has propelled TON to the 13th spot among leading cryptocurrencies, boasting a total market capitalization exceeding $13 billion.
Furthermore, Toncoin’s daily trading volume has skyrocketed by 342%, currently hovering around the $300 million mark. Data from Santiment indicates a notable increase in TON’s total open interest, rising from $12.1 million on March 11 to $16 million at the time of reporting.
Despite the surge, TON’s funding rate remains stable at 0.05%, suggesting continued trader confidence in further price appreciation. Additionally, significant movements of TON tokens have been observed, with over 226,000 tokens entering exchanges while 302,000 were sent to self-custodial wallets in the past 24 hours. This indicates a potential shift towards long-term investment strategies among holders.
Santiment’s analysis reveals a buy signal for TON based on its price-daily active addresses (DAA) divergence, indicating reduced likelihood of price manipulation by large holders.
In other news, Telegram founder Pavel Durov announced the company’s readiness for an initial public offering (IPO), citing its massive user base exceeding 900 million and a valuation of approximately $30 billion. Additionally, TON recently received an $8 million investment from Mirana Ventures to further develop Telegram’s web3 “SuperApp.”