Toncoin (TON) has recently hit a 26-month high, claiming the top spot on the list of gainers. The cryptocurrency has surged by 34.4% in the last 24 hours, currently trading at $3.75. This rally has propelled TON to the 13th position among the leading cryptocurrencies, boasting a market cap exceeding $13 billion.
According to data from Santiment, Toncoin’s daily trading volume has surged by 342%, reaching around $300 million. Additionally, the total open interest (OI) for TON has spiked from $12.1 million to $16 million within a day.
The funding rate for Toncoin stands at 0.05%, indicating that traders remain optimistic about a potential price increase. Data shows that over 226,000 TON tokens have been exchanged in the past 24 hours, with 302,000 TON coins being transferred to self-custodial wallets. This suggests that investors may be hodling the asset for the long term rather than seeking short-term gains.
The divergence between TON price and daily active addresses (DAA) signals a buy opportunity, as per Santiment. This bullish signal indicates a reduced risk of price manipulation by whales, as more investors are participating in the rally.
In related news, Telegram founder Pavel Durov recently mentioned to the Financial Times that Telegram is gearing up for an initial public offering (IPO) with over 900 million users and a valuation of approximately $30 billion. Moreover, TON has received an $8 million investment from Mirana Ventures to develop Telegram’s web3 “SuperApp.”
For more updates on the crypto space, stay tuned and follow us on Google News.