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Toncoin Soars to New Highs, Overtakes Dogecoin Amid Telegram Rumors

Toncoin Soars to New Highs, Overtakes Dogecoin Amid Telegram Rumors

Toncoin (TON), the cryptocurrency associated with the messaging app Telegram, is on a tear. The token has surged 18% to a new all-time high of $7.00, surpassing Dogecoin (DOGE) to become the eighth-largest cryptocurrency by market cap, now exceeding $24 billion.


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Strong Momentum Propels TON

Toncoin’s price rally began in March and has captured the attention of analysts. The token has gained a staggering 35% in the last week and a remarkable 136% over the past month. Since March 1st, its value has skyrocketed by over 180%. Trading volume has also boomed, averaging a 300% daily increase over the past week.

Several factors contribute to Toncoin’s bullish momentum. Firstly, rumors of Telegram’s upcoming IPO have fueled speculation. Telegram CEO Pavel Durov revealed receiving $30 billion in acquisition offers last month. Additionally, Telegram plans to integrate Toncoin into its ad platform, allowing channel owners to earn TON for displaying advertisements.

Toncoin’s Future Looks Bright

Launched in 2018, Toncoin has evolved from a Telegram-owned blockchain to a mainstream token with a multi-billion dollar market cap. Analysts predict continued growth, with some projecting a price target of $10 by the end of April.

Strong Fundamentals Drive Investor Confidence

Toncoin’s resilience in volatile market conditions highlights its underlying strength. Faster transactions and lower fees compared to competitors make it a compelling option for users. Investor optimism is reflected in Toncoin’s sustained upward trajectory, suggesting a belief in its long-term potential.

$50 Billion Market Cap in Play?

Toncoin’s recent momentum has some analysts predicting a market cap of $50 billion by April’s end. This surge could be fueled by several factors, including:

  • Meme Coin Expansion: Toncoin’s airdrop to meme coin traders could attract further investment if it replicates the frenzy seen with Solana (SOL).
  • Fear of Missing Out (FOMO): Toncoin’s rapid growth is attracting new investors, particularly due to its relative affordability compared to established assets like Bitcoin.
  • Telegram Integration: Widespread adoption of Toncoin within Telegram’s in-app currency and microtransaction system could significantly boost its market cap.

While Toncoin currently sits at a $24.72 billion market cap, a 102% increase would be required to reach the projected $50 billion valuation.

TON/USD Technical Analysis Suggests Further Growth

Toncoin’s price movement aligns with an ascending channel pattern, indicating continued buying by bulls. While bears briefly dipped the price below the channel on April 12th and 13th, strong buying near the support line quickly reversed the decline. This suggests a potential rally towards $7.50 resistance, with a break above potentially triggering a surge to $10.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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