Toncoin (<a href="https://crypto.news/price/toncoin/">TON</a>) gained bullish momentum over the past week as positivity around the asset grows strong.&nbsp; 
TON registered 8.7% gains in the past 24 hours and is trading at $2.63 at the time of writing. The asset’s market cap surpassed the $9 billion mark with the recent surge, marking an 11-month high.&nbsp; 
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 <img decoding="async" loading="lazy" width="3840" height="1300" src="https://crypto.news/app/uploads/2023/11/Toncoin-TON-11.42.22-08-Nov-2023.png" alt="Toncoin (TON) emerges as top gainer, strong buy signal surfaces - 25" class="wp-image-14213325">
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 TON price, social volume, and open interest – Nov. 8 | Source: <a href="https://app.santiment.net/charts/_5xEONZy__sCl" target="_blank" rel="noopener">Santiment</a>
 </figcaption>
</figure> 
The surge comes after Telegram founder Pavel Durov <a href="https://crypto.news/telegram-founder-to-give-away-10k-premium-subscriptions/">announced the giveaway</a> of 10,000 premium subscriptions to his messenger app. According to his post, Durov purchased the premium accounts for TON coins worth roughly $200,000.&nbsp; 
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On Nov. 3, the Dubai Financial Services Authority <a href="https://crypto.news/dubai-regulator-approves-xrp-ton/">approved</a> using TON and XRP in the regulator’s region.&nbsp; 
Consequently, the positive sentiment around TON has triggered a strong “buy” signal. According to data provided by the market intelligence platform Santiment, Toncoin’s price-daily active addresses (DAA) divergence currently stands at 334% as the number of active wallets grew more than the asset’s price.&nbsp; 
Per Santiment, TON’s total open interest (OI) has reached $10.4 million, marking a 1,000% rise over the past month — Toncoin’s total OI stood at around $946,000 on Oct. 8.&nbsp; 
Following the bullish momentum, TON’s social volume registered an 11.5% hike on X (formerly Twitter), Telegram, Reddit, and 4chan, according to the market intelligence platform.&nbsp; 
 Read more: <a href="https://crypto.news/investor-optimism-fuels-meme-coins-growth-predictions-and-market-analysis/"> Investor optimism fuels meme coins growth </a>

Toncoin (TON) emerges as top gainer, strong buy signal surfaces

crypto.news

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