Toncoin (TON) took one step ahead of Solana (SOL) and now stands in ninth place while leaving SOL in tenth place in the most-traded cryptocurrencies by market cap. According to CoinMarketCap (CMC), a cryptocurrency price tracking site, TON, the native currency of the Telegram Open Network, is just after Dogecoin (DOGE) while being ahead of SOL.
In the last 7 days, the TON token price rose 45%; leading its price to surpass the $2.00 mark, as per CMC data analysis.
At press time, Toncoin price is trading at $2.49 with a 24-hour trading volume of $59.56 Million. TON token is up 2.71% in the last 24 hours with a current market cap of $8.54 Billion. In the last 24 hours, the token price noted its low at $2.39 whereas the high was noted at $2.51. Notably, two years back, in November 2021, TON marked its all-time high at $5.84.
The Bullish Trend of Toncoin
Toncoin moved upside nearly from $1.72 to its current trading price in just a week. It further showed growth in its market cap from nearly $6.00 Billion to above $8.00 Billion. The trading volume activity in the TON traveled between $30 Million to $80 Million in a week that showed the potential strength of active bulls in the market.
At the time of writing, TON is further showing a bullish market trend with the support of active bulls. The recent price gain follows a period of strong growth for TON that eventually showed weekly and monthly price gains. Additionally, the bullish trend of Toncoin led its market cap to break an all-time high.
The Telegram Open Network (TON)
The Telegram Open Network (TON) initially began with the messaging platform Telegram in 2018. While Toncoin was designed to facilitate various activities within the TON network. Toncoin has a maximum supply of 5 Billion and at present 3.4 Billion coins are in circulation.
It must be noted that the TON network works as a Decentralized Autonomous Organization (DAO). Thus, only TON holders can be a part of the decision-making process and vote over the proposed changes to the blockchain and ecosystem.
According to its Q2 2023 report, the TON network noted increased developer activity with a 102% year-on-year (YoY) rise in development. Also, the developer count reached over nine thousand by the end of June.
Last week, in the largest web3 onboarding event, Token2049, a TON-based wallet in Telegram went live for Telegram’s 800 Million users, in the new integration. Following this, the TON token price showed rapid growth that still showed a bullish trend.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/09/19/toncoin-ton-comes-under-top-10-list-of-most-traded-crypto/