Toncoin (TON) has experienced a surge in momentum over the last week, buoyed by growing positive sentiment.
Key Developments Driving the Momentum
- Telegram Giveaway: Telegram founder Pavel Durov announced a giveaway of 10,000 premium subscriptions for his messenger app, purchased with approximately $200,000 worth of TON coins.
- Regulatory Approval: The Dubai Financial Services Authority has approved the use of TON and XRP in its jurisdiction, further boosting confidence.
Market Performance Metrics
- 8.7% Gains: TON has registered 8.7% gains in the past 24 hours.
- $2.63 Trading Price: At the time of writing, TON is trading at $2.63.
- $9 Billion Market Cap: The asset’s market capitalization has surpassed the $9 billion mark, reaching an 11-month high.
- Strong Buy Signal: The influx of positive sentiment has triggered a strong “buy” signal.
- 334% DAA Divergence: Toncoin’s price-daily active addresses (DAA) divergence stands at 334%, indicating significant growth in active wallets.
- $10.4 Million Total OI: TON’s total open interest (OI) has reached $10.4 million, marking a 1,000% rise since October 8.
- 11.5% Social Volume Surge: TON’s social volume on major platforms has increased by 11.5%, reflecting growing interest and discussion.
Toncoin’s recent surge has been driven by a combination of positive developments, such as the Telegram giveaway and regulatory approval, as well as strong market performance metrics. The growing number of active wallets and increasing social volume suggest sustained interest and potential for continued momentum.
Author: Amelia Harding
Credit and Rights: MigBase.com