Is It Too Late to Buy Toncoin? TON Rallies with 347M Volume, Eyes on Next Rising Coin
Toncoin (TON) rose 59% over the last seven days and posted a hefty $347 million in 24-hour trading volume, according to data by CoinGecko.
TON is the native coin powering a decentralized file sharing and data storage solution protocol called TON Storage. It launched on The Open Network (TON) blockchain in January 2023 and has risen to become the fourteenth largest cryptocurrency with a market capitalization of $14,832,178,821.
TON has been consistently rallying with the rest of the market recently. It’s currently trading 91% higher than it was 30 days ago and about 78% higher than it was this time last year.
TON’s progenitor, The Open Network, was originally named Telegram Open Network on its launch in 2018, in honour of the fact that it was initially developed by the Telegram Messenger team.
The SEC accused Telegram of selling unregistered securities through TON and Telegram officially parted ways with its blockchain in 2020.
TON’s new name reflects its global, independent and open ethos. It also claims to be the fastest blockchain ever tested.
Telegram still routinely endorses TON too. One factor driving TON’s price action these past two days has been Telegram CEO Pavel Durov’s interview with Financial Times this week, where he hinted at a potential IPO.
Over on TON’s chart we can see movement fairly typical of the last 2-3 months for any cryptocurrency. After starting the year strong, crypto held steady through most of January and February.
In late February, early March, steep gains appear that could very well continue in the coming weeks, depending on the market’s overall sentiment towards crypto and riskier assets, although last month’s hot inflation readings have somewhat dampened enthusiasm for crypto this week.
Toncoin
