According to recent data, an Ethereum whale purchased $850 million worth of TON, causing the Toncoin price to rise past $4.0.
Toncoin, the native cryptocurrency of the Telegram Open Network (TON), reached a new all-time high of $4.45 after a remarkable 25% increase in the last 24 hours.
In addition, TON is trading at $4.31, an increase of 16.31%, and has a market cap of $15 billion as of press time.
Notably, there has been a 30% increase in 24-hour trading volumes, amounting to $354 million.
What’s Driving the Toncoin (TON) Price Rally?
Given the significant and consistent relationship between trading volume and TON price swings, there is growing optimism over the trajectory of future prices.
Furthermore, the most recent announcement elaborates on the prospective allocation of 50% of the revenue to owners of Telegram channels.
“Telegram will distribute rewards using Toncoin on the TON Blockchain,” the announcement states. Channel owners will start receiving 50% of all revenue generated from advertising on the company’s channels.”
The flourishing initiatives within the TON blockchain ecosystem, particularly within The Open League, have also contributed to the growth of Toncoin.
Notably, TON Raffles has experienced significant growth, as evidenced by a substantial 60% surge in Total Value Locked (TVL) and a remarkable 70% increase in user engagement.
As a token of appreciation for its accomplishments, the TON Foundation has implemented a benevolent airdrop initiative whereby every TON Raffles token holder will receive 1 TON.
Moreover, Lookonchain, an on-chain data provider, observed that the 30% increase in TONcoin’s price occurred concurrently with a significant transaction that took place on the blockchain.
A whale investor made a major purchase on Lookonchain by expending 214 Ethereum (approximately $858,000 USD) to obtain 209,237 TONcoin tokens.
This transaction took place for $4.1 per TONcoin on-chain.
Significantly contributing to the coin’s notable increase in market value, the whale investor’s substantial investment highlights the increasing confidence and interest in TONcoin.
TON Price Action Ahead
95% of TON Coin investors have realized profits as of this writing.
The absence of significant profit-taking in the foreseeable future indicates that these investors are intent on attaining unprecedented heights.
Similar trends were noted in the FLOKI Token, which maintained a profit margin of 95% before experiencing a price doubling.
Nevertheless, it is prudent to contemplate the potentiality of selling pressure.
A 37% increase in price necessitates prudence.
Meanwhile, a consideration of the four-hour chart reveals a favorable trend in price movement over the short term.
In the past, TON Coin has encountered support in the vicinity of $2.6 and $2.38.
Prices might plummet to these levels in the event of a possible sell-off.
Nevertheless, should the present momentum continue, a closing price greater than $4 might incite a fresh surge in price towards the $5.8 mark.
