Thomas Daniels
Toncoin, the flagship digital asset of The Open Network, has reasserted its prominence within the cryptocurrency sector by ascending into the echelon of the top ten cryptocurrencies by market capitalization. Recent figures from CoinMarketCap highlight that Toncoin (TON) has eclipsed Avalanche (AVAX) in terms of market capitalization, registering a formidable $19 billion valuation at the latest count.
This notable leap in market capitalization is paralleled by a substantial uptick in trading activity. Over the preceding 24-hour period, Toncoin’s trading volume witnessed a meteoric rise of 91%, culminating in a staggering $223 million in trades.
Concurrently, TON’s valuation has experienced a commendable increase of 6.3% over the same 24-hour timeframe, reaching a price point of $5.45. This marks a significant milestone, with the cryptocurrency’s price having soared by an impressive 120% since the year’s inception.
A retrospective glance at Toncoin’s market cap trajectory reveals a series of strategic advancements that have bolstered its standing. Notably, in September 2023, TON surpassed Tron (TRX) in market capitalization following the introduction of a digital wallet via Telegram, the widely utilized messaging platform. This development was unveiled at the Token2049 conference held in Singapore, signaling a pivotal moment for the cryptocurrency.
Adding to the momentum, Pavel Durov, the visionary founder of Telegram, disclosed in March a novel financial incentive scheme for Telegram channel owners, leveraging the TON cryptocurrency. This initiative enables the purchase of advertisements using Toncoin, with channel proprietors receiving half of the ad revenue. Withdrawals from this scheme are facilitated through the Fragment blockchain platform.
Furthermore, in a strategic move that underscored the burgeoning potential of TON, March also saw Durov hint at a “preliminary valuation” of Telegram in the realm of “$30 billion or more,” in anticipation of a possible Initial Public Offering (IPO). Complementing this, Binance, a leading crypto exchange, heralded the introduction of a perpetual futures contract for Toncoin, providing a significant impetus to the cryptocurrency’s valuation.
