Toncoin (TON), the cryptocurrency associated with Telegram, has reached a new all-time high (ATH) of $7.11. The price of TON has seen a significant increase of over 35% in the last seven days. However, it has since undergone a price correction and is currently trading at $6.49.
This surge in price has also propelled TON to surpass Cardano (ADA) in terms of market capitalization, securing the 10th position. TON now has a market capitalization of $22.43 billion, outpacing ADA’s $20.42 billion.
Despite the recent rally, traders and analysts anticipate a consolidation period for TON between $6.50 and $6.75. Analysts suggest that breaking above resistance at $6.75 could lead to further gains, while a break below support at $6.50 could signal a downward trend.
The growth of TON can be attributed to both market dynamics and developments within its ecosystem. On April 8, developers of The Open Network (TON) announced a $5 million allocation of TON tokens to incentivize the adoption of palm-scanning identity verification.
Additionally, Telegram’s recent enhancements, such as the introduction of a revenue-sharing system and a unique type of advertisement that can be purchased with TON, have likely contributed to TON’s success. The Telegram team chose TON Blockchain for their project due to its low transaction fees, fast processing speeds, and ability to handle numerous transactions per second.
TON has also garnered significant backing from Mirana Ventures, a global Web3 investment firm, which announced an $8 million secondary market purchase of Toncoin and a long-term collaboration with TON. Mirana believes in fostering Telegram’s Web3 SuperApp and pursuing cross-chain collaborations.