- Toncoin’s demand skyrockets after Telegram launches an advertising platform.
- The revenue is shared in Toncoin (TON), which conceived a 30% price boost.
- A God Candle broke the two-year downward trend on March 11, 2024.
Toncoin (TON), a popular altcoin originally released by Telegram’s social media platform, is making waves in the cryptosphere. Picking up 30% gains over the past 24 hours, TON is now challenging two popular memecoins, Shiba Inu (SHIB) and Dogecoin (DOGE), for a sweet spot in the TOP 10 by crypto’s global market cap.
As the distance between #13 seated TON and SHIB is now less than 5 billion, crypto whales on Ethereum (ETH) have been spotted to accumulate millions of TON. To illustrate, one whale acquired 209,237 TON coins for 214 Ether (ETH), equal to $858K at $4.10.
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Since the hefty transfer several hours ago, the 222,565 Toncoins held in the whale’s decentralized wallet are worth substantially more. Toncoin embarked on a journey to $4.48 but got rejected before the $4.50 support line could be broken, trading at $4.28 after a slight market correction.
The God Candle That Sent Toncoin Off
After a two-year hiatus, Toncoin breached the $3 price mark on March 11, 2024. Toncoin’s price charts showcase the God Candle printed at 13:00 GMT, which substantially boosted TON’s scorch past $4 today. This escalated TON’s bull run to 104.7% since last month.
The piling social mentions for Toncoin (TON) align well with the 415% daily increase in its trading volume. According to the combined Spot order book, $263 million of TON has been traded over the past 24-hour timeframe, while TON bids slightly outscore the pending sells, $4.89 million to $4.04 million.
Compared to other TOP 10 contenders, Toncoin’s combined liquidity is still significantly less than Shiba Inu’s or Dogecoin’s, as both memecoins encircle trading in the billions per 24-hour period. However, Toncoin’s trading volume will likely accelerate further due to the launch of Telegram’s revenue-sharing advertising platform, which employs TON as a reward token.
On the Flipside
- Despite the huge whale transaction singled out by LookOnChain, other TON whales seem less optimistic about TON’s forthcoming price trajectory.
- According to IntoTheBlock, TON’s transactions over $100K and concentration by whales have slightly dropped, despite TON being very close to a new all-time high.
Why This Matters
Telegram is the fourth largest messaging app worldwide, supporting blockchain adoption in social activities. The latest ad monetization strategy employing cryptocurrency significantly bolsters crypto adoption.
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