In the midst of a choppy day in the cryptocurrency markets on March 12th, Toncoin, closely associated with Telegram, soared by over 25% within just 24 hours, reaching an all-time high of $4.45. However, this surge propelled its market cap to over $12 billion.
Read more about this below.
Toncoin’s recent surge has caught the attention of cryptocurrency enthusiasts and analysts. A significant inflow of capital from Bitcoin and Ethereum has been identified as a key driver behind this rally. This indicates a notable shift in investor sentiment towards alternative cryptocurrencies, as seen by the impressive 18% surge in other top-cap altcoins.
Toncoin’s surge was further fueled by a notable on-chain transaction highlighted by Lookonchain. This transaction, occurring alongside a 30% price increase, involved a whale investor acquiring a substantial volume of TON tokens. This investor procured 209,237 TON tokens at $4.1 per token, amounting to 214 Ethereum, approximately $858,000 in value. This not only boosts confidence in Toncoin but also significantly adds to its overall market value.
Further boosting the price of Ton is the announcement of the TON Foundation donating 1 TON for everyone at TonRaffles as a reward. Additionally, the $RAFF holders were snapshot on March 11, 2024, at which time holders are set to receive $1 TON soon.
After the announcement, TonRaffles, the TON blockchain saw impressive growth of a 70% increase in users in Open League transactions and a 60% increase in Total Value Locked (TVL).
Technical analysis indicated that the TON stock is trending higher. As of now TON coin price is trading at $4.27 with the daily chart showing a green candlestick indicating a significant price surge. However, the relative strength index (RSI) of 83.74 indicates possible overbought conditions, possibly indicating a correction.
On the 4-hour chart, further bullish signals are observed. Maintaining momentum above $4 could propel Toncoin towards the $5.8 mark, paving the way for additional gains.
With investor sentiment shifting towards alternative digital assets and substantial capital inflows driving its ascent, Toncoin continues to attract attention.
Read More: Meme Coins Fizzle, Bitcoin Soars, Investors Shift Gears: Is Altcoin Season 2024 Here?
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