Toncoin, the native cryptocurrency of The Open Community, has surged in value by approximately 13% to $6.46, making it one of the top gainers on Thursday. The surge follows the announcement of the highly anticipated launch of the NOT token, part of the popular Telegram-based game Notcoin, on May 16th. Additionally, major cryptocurrency exchanges like Binance and OKX have implemented Toncoin staking rewards, driving further demand for the cryptocurrency.
Toncoin Surges as Anticipated Token Launch Date Announced
In a day marked by minimal price fluctuations among the top cryptocurrencies, Toncoin, the native cryptocurrency of The Open Community (TON), emerged as a notable exception, registering a significant gain of approximately 13% over the past 24 hours. This surge propelled Toncoin to a current value of $6.46, making it the second-largest gainer among the top 100 cryptocurrencies by market capitalization, trailing only Akash Network (AKT), an AI-centric cloud computing project that has witnessed a 16% leap in its value.
The catalyst behind Toncoin's impressive performance can be attributed to the highly anticipated launch of NOT, a token associated with Notcoin, a viral Telegram-based game developed by The Open Network. The token's launch date was set for May 16, a development that has garnered immense excitement within the community. Prior to April 1, the game had attracted a remarkable 35 million players during its "mining phase," and its launch has been eagerly awaited in the weeks since, despite several missed listing targets.
The announcement by Binance, a prominent cryptocurrency exchange, that it would distribute billions of NOT tokens as rewards to its customers through pre-listing staking rewards contributed significantly to Toncoin's recent surge. A similar campaign by rival exchange OKX further fueled the demand for Toncoin, with over 4 billion NOT tokens set to be distributed through such initiatives. Notably, OKX users are required to stake TON tokens to earn rewards, a provision that is anticipated to drive an increase in Toncoin purchases in the coming days.
Adding to the positive momentum, dYdX, a perpetual-centric decentralized exchange (DEX), recently announced support for Toncoin, while HashKey, a Hong Kong-based exchange, listed the cryptocurrency on Thursday. These developments have further bolstered Toncoin's value, leading to a 24% increase over the past week.
In contrast to Toncoin's impressive gains, the broader cryptocurrency market has exhibited a relatively muted performance. Bitcoin, the largest cryptocurrency by market capitalization, has gained a modest 1% over the past day to $62,420, while Ethereum, the second-largest cryptocurrency, has edged up by approximately 2% to $3,020. However, both Bitcoin and Ethereum have witnessed minimal gains over the past week, with Ethereum failing to gain even 1% during that period.
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