Telegram’s Toncoin Outstrips Dogecoin: New ATH on the Way?

Toncoin breaks above $7 twice in 7 days, while TON Foundation’s new partnership overshadows SEC controversy.

Shiba and his rival are racing in the crypto chart.
Created by Kornelija Poderskytė from DailyCoin
  • Toncoin overthrows Cardano and Dogecoin in the crypto charts.
  • The #9 ranked TON inked a new all-time peak at $7.63 on April 11.
  • TON Foundation forms a new partnership after the SEC penalty.

Telegram’s crypto-friendly messaging app has mulled plans to launch an initial public offering (IPO) for the fourth-largest messaging platform. Meanwhile, Toncoin (TON), a cryptocurrency originally launched in 2018 as the Telegram Open Network (TON), has been soaring.

Sponsored

Encircling a global market capitalization of $24,808,167,722 at press time, TON proved to be a heavy player in the crypto sphere with 208% yearly gains.

After scorching past $7 on April 9, TON successfully surpassed Cardano (ADA) and is now sporting a larger market cap than Dogecoin (DOGE). The latest milestone comes amid TON’s exponential growth of 26% in a week as the general crypto markets continue to endure turbulence.

TON 7% Away from New All-Time Peak

TON has now put DOGE on the sidelines with a $1 billion advantage in global market capitalization. The 13% gains for TON on Monday build a great setup for Toncoin’s next price target at $10 if its daily close exceeds the $7.50 resistance line.

TON’s upward price trajectory over the past two weeks comes amid a successful partnership with HashKey. Telegram’s co-founder, Pavel Durov, recently revealed that the social messaging app has received offers of over $30 billion. 

While the IPO plans are unconfirmed, Telegram maintains its independent status from large corporations. TON was separated from Telegram after the Securities and Exchange Commission (SEC) slapped Telegram with $1.3 billion GRAM investment returns and an additional $18.5M penalty.

TON trades at $7.11 at press time, growing further by 12.2% over the past 24 hours. However, the bears seem to have taken control of the liquidity at this price range with $6 million in pending sales compared to $4.84M in bids, according to the latest data by CoinPaprika.

Sponsored

The substantial monthly growth of 88% for TON continues even amid Bitcoin’s (BTC) tumble below $66,000 and most altcoins’ severe market contraction last weekend due to tension in the Middle East.

On the Flipside

  • Crypto traders on X question the difference between Toncoin’s SEC-compliant version and the original GRAM coin.
  • Despite the sustainable network growth, Toncoin flashes two bearish signals in concentration and large transactions. 

Why This Matters

Toncoin’s adoption as a social messaging app coin is a great example of bull rallies driven by crypto utility cases.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.