HomeNewsToncoin's Meteoric Rise: Can it Overtake Dogecoin Amidst Telegram IPO Rumors?

Toncoin’s Meteoric Rise: Can it Overtake Dogecoin Amidst Telegram IPO Rumors?

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  • The market value and legitimacy of Toncoin have increased because of investor interest sparked by rumors that Telegram may go public.
  • User involvement with the TON ecosystem has greatly grown thanks to the Notcoin game, encouraging active participation and community development.

Toncoin, a cryptocurrency that Telegram introduced and the community developed, is making progress. Toncoin (TON) has seen an astounding rise in value over the past day, reaching a market capitalization of $24.4 billion.

With its recent spike, it is only $4 billion behind Dogecoin, which presently has a $28.4 billion market valuation.

On the Bitfinex platform, the cryptocurrency swiftly reached an all-time high of $8.80 after starting the trading day at $6.70. Toncoin has increased by 8% in the previous day, 40% in the last week, and an astounding 125% in the last 30 days, despite a minor drop to $7.05.

Impact of IPO Rumors on Telegram

The excitement surrounding Telegram’s possible ambitions for a public offering is helping to fuel Toncoin’s rise. CEO of Telegram Pavel Durov made hints about a potential direct initial public offering (IPO) in March when speaking with Business Insider, in line with what ETHNews previously disclosed.

He mentioned offers that valued the company at above $30 billion. Investor confidence has increased as a result of this news, supporting Toncoin’s standing in the market.

The Notcoin game has significantly increased Toncoin’s attractiveness. By rewarding players for taking part in TON ecosystem activities, including installing wallets, buying NFT, and updating Telegram profiles, the game raises user interest in and investment in Toncoin. You can watch the video below to learn more about this development.

Technical Analysis: A Positive Prognosis with Correctional Indications

Toncoin’s technical indicators present a bullish image. With an 8-2 bullish-to-bearish ratio, its Relative Strength Index (RSI) suggests it may be overbought and may fall briefly. The Average Directional Index (ADX) at 62 points supports the bullish trend.

Source: Trading View

The recent $8.80 peak may serve as resistance as Toncoin enters a price discovery phase. Any corrections may level off close to $6, which is considered a tactical accumulation point supported by its EMA10. If the bullish impetus fades, this level can be a solid support.

With a market cap of $24 billion, Toncoin recently surpassed Cardano, a notable closeness to Dogecoin’s capitalization. Market fluctuations or well-known endorsements could further affect its position and widen or narrow the gap between it and Dogecoin.

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Syofri is an active forex and crypto trader who has been diligently writing the latest news related to the digital asset sector for the past six years. He enjoys maintaining a balance between investing, playing music, and observing how the world evolves. Business Email: info@ethnews.com Phone: +49 160 92211628