Toncoin has recently reached a new milestone, with its price soaring to an all-time high of $7.08. This surge has captured the cryptocurrency community’s attention and resulted in Toncoin entering the top 10 cryptocurrencies by market capitalization.
Toncoin’s price surge has been remarkable. It increased by 12% in the last day alone, reaching a current price of $6.65. Over the past seven days, It has surged by 32%, and over the past month, it has seen an impressive 132% increase. This surge culminated in Toncoin reaching its all-time high of $7.08 earlier on Tuesday, further solidifying its position as a rising star in the cryptocurrency market.
Toncoin’s (TON) Meteoric Rise
The Open Network was established in 2018 under the name Telegram Open Network by the popular messaging app Telegram. However, in 2020, Telegram decided to abandon the project due to regulatory issues raised by the United States Securities and Exchange Commission (SEC).
Developers within the community have been actively expanding the network even in the absence of Telegram’s direct involvement. However, there has been a shift, and Telegram seems to be re-engaging with the network. This renewed involvement from Telegram could contribute to the network’s recent surge in growth and popularity.
Last autumn, Telegram launched a TON wallet for self-custody, indicating a step towards enhancing user control over their digital assets. In February, Telegram announced a novel approach to revenue sharing by committing to allocate half of its advertising revenue to channel owners, with payments exclusively in TON.
This move signified a strategic shift towards leveraging TON’s ecosystem to enhance user engagement and monetization. Furthermore, Telegram recently expanded TON’s utility by allowing advertisers to make payments using the cryptocurrency, further solidifying TON’s role within the Telegram ecosystem.
Cardano Flips from the Top 10
Cardano, a mainstay in the top 10 cryptocurrencies, has been pushed out by Toncoin’s impressive performance, with Dogecoin, USDC, and XRP now at risk of losing their positions. This development underscores the dynamic nature of the crypto assets market and highlights the intense competition among cryptocurrencies vying for the top spots.
Cardano (ADA) is valued at $0.60 at the time of writing, showing a 1.83% decrease from an hour ago but a 0.52% increase from yesterday’s value. However, compared to its value seven days ago, ADA has seen a 3.4% increase. In the past 24 hours, the total trading volume for Cardano reached $506 million.
