As a seasoned crypto investor with a knack for spotting opportunities in the digital assets market, I find myself intrigued by the recent surge of Toncoin (TON). Having been in this game long enough to witness numerous rollercoaster rides, I’ve learned to keep my cool and not let emotions dictate my decisions.
According to CoinGlass’s data, Toncoin (TON), the cryptocurrency tied to the Tonblock chain and commonly utilized within the Telegram messenger, experienced a significant surge in trading activity, reaching an increase of more than 148% within the past 24 hours.
Consequently, the data reveals that the value of derivatives, particularly perpetual futures, on TON reached an impressive $511.25 million following a significant increase. Moreover, there was a notable upsurge in Toncoin’s trading volume on the open market as well.
Yesterday saw approximately $300 million in trades for TON on the open market, representing a significant increase of 115% compared to the day prior. This surge in trading activity resulted in a trading volume-to-market-capitalization ratio of around 6.2%. In total, over $800 million was turned over for what’s commonly known as the “Telegram coin.
The given ratio suggests a typical, unremarkable level of transactions involving the asset, yet its significantly increased value by hundreds of percentage points compared to the previous day implies that TON is once again drawing attention.
Toncoin (TON) price outlook
Looking at Toncoin’s price history, it’s no surprise that its value has dropped to $4.45 recently. This decrease, totaling over 30%, occurred in the last three weeks following news about the arrest of Telegram founder Pavel Durov. This is the lowest price for TON since mid-March.
Nonetheless, following the announcement of Durov’s parole and adjustments in Telegram’s privacy policy, there appears to be a revived enthusiasm among potential buyers for an asset that has strong connections with the well-known messaging platform.
Will this trend persist, or could it lead to a temporary rebound followed by a significant drop of around 30%, remains to be seen in the coming days.
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2024-09-09 20:14