Toncoin, The Open Network‘s native cryptocurrency, has recently reclaimed its position among the top 10 cryptocurrencies by market capitalization, surpassing Avalanche in the process.
According to the latest data from CoinMarketCap, Toncoin (TON) has surged to a market capitalization of $19 billion, firmly securing its spot in the top echelons of the crypto market.
Accompanying this impressive market cap milestone is a notable surge in trading volumes, which have skyrocketed by an impressive 91% over the past 24 hours, reaching a substantial $223 million.
This surge in trading activity highlights the growing interest and confidence in Toncoin among investors and traders alike.
Toncoin’s price has increased by a commendable 6.3% over the last 24 hours, climbing to $5.4 at the time of this reporting.
This upward trajectory in price reflects a remarkable 120% surge since the beginning of the year, showcasing Toncoin’s strong performance and investor appeal.
Back in September 2023, Toncoin surpassed Tron (TRX) following the launch of a digital wallet integrated with Telegram, a widely used messaging platform.
This strategic move was announced during the prestigious Token2049 conference held in Singapore, signalling Toncoin’s growing prominence in the crypto sphere.
Toncoin’s ecosystem received a major boost in March when Telegram’s Founder, Pavel Durov, unveiled a novel financial incentive system for channel owners utilizing the TON cryptocurrency.
This initiative allows Telegram users to use Toncoin to purchase advertisements, with channel owners entitled to 50% of the advertising revenue.
Withdrawals from this system are facilitated through the Fragment blockchain platform, enhancing the utility and accessibility of Toncoin within the Telegram ecosystem.
In addition, Durov disclosed that Telegram had received a preliminary valuation exceeding “$30 billion” in anticipation of a potential IPO.
Concurrently, crypto exchange giant Binance announced the launch of a perpetual futures contract for Toncoin, further fueling the bullish sentiment surrounding TON and contributing to its upward price trajectory.