In a remarkable surge, Toncoin (TON), the native cryptocurrency of the Open Network, has broken into the top 10 cryptocurrencies by market cap, surpassing Avalanche (AVAX) with a current market cap of $18.7 billion. The surge is driven by a 91% increase in trading volumes within the last day and a 6.3% price increase for TON to $5.45, marking a 120% gain since early 2021.
Toncoin Enters Top 10 Cryptocurrencies by Market Cap
The Open Network's native cryptocurrency, Toncoin (TON), has achieved a significant milestone by entering the top 10 cryptocurrencies by market capitalization, surpassing Avalanche (AVAX). As of the time of writing, Toncoin boasts a market cap of $18.7 billion.
This impressive surge in Toncoin's value has been accompanied by a remarkable increase in trading volumes. Over the past 24 hours, trading volumes have soared by 91%, reaching a substantial $223 million. Furthermore, the price of TON has experienced a notable 6.3% gain, reaching $5.45. This represents a remarkable 120% increase since the beginning of 2021.
Toncoin's ascent has been fueled by a series of strategic partnerships and innovative features. In September 2023, the cryptocurrency surpassed Tron (TRX) in market capitalization following the unveiling of a digital wallet on Telegram. Pavel Durov, the founder of Telegram, introduced a novel reward system in March, incentivizing channel owners to utilize TON. This system allows users to purchase advertisements using Toncoin, with 50% of the advertising revenue distributed to channel owners through the Fragment blockchain.
Durov has also disclosed Telegram's preliminary valuation of "over $30 billion" in anticipation of a potential initial public offering (IPO). Additionally, Binance's launch of perpetual futures contracts for Toncoin has further contributed to its growth.
Toncoin's resurgence underscores its growing prominence within the cryptocurrency market. Its strategic partnerships, innovative features, and increasing adoption among Telegram users have positioned it as a formidable force in the crypto landscape. This achievement is a testament to the growing acceptance and adoption of blockchain technology and its potential to disrupt traditional industries.
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