Toncoin

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
As became known thanks to data from&nbsp;<a href="https://www.coinglass.com/currencies/TON">CoinGlass</a>,&nbsp;<a href="https://u.today/xrp-enters-enormous-uptrend-toncoin-ton-on-verge-of-6-recovery-this-ethereum-eth-move-is-paramount">Toncoin (TON)</a> - a cryptocurrency associated with the blockchain of the same name and widely used in the popular messenger Telegram - skyrocketed by over 148% in trading volume in the last 24 hours.
Thus, as the data shows, derivatives on TON, namely perpetual futures, amounted to $511.25 million after a thunderous surge. In addition, Toncoin also saw a spike in trading activity on the spot market.
According to CoinMarketCap, $300 million worth of&nbsp;<a href="https://u.today/ton-ecosystem-coins-in-red-data-says">TON</a> was traded on the spot market in the past day - 115% more than the day before. As a result, the ratio of trading volume to market capitalization was 6.2%, with a total turnover of over $800 million for the "Telegram coin."
This ratio indicates a rather normal and unextraordinary level of trading activity with the asset, but the fact that it is still hundreds of percent higher than the day before indicates that TON is back in the spotlight.
<h2 dir="ltr" id="toncoin-ton-price-outlook">Toncoin (TON) price outlook</h2>
This is nothing new if you take a look at the price chart of&nbsp;<a href="https://u.today/cardano-ada-pushed-out-of-top-10-has-chang-hype-faded">Toncoin</a>. After a dramatic plunge of over 30% in the last three weeks amid the news of Telegram founder Pavel Durov's arrest, the price of TON found itself at $4.45 - a low not seen since mid-March.&nbsp;
However, with news of Durov's release on parole and Telegram tweaking its privacy policy, buyers seem to be finding renewed interest in an asset so closely tied to the popular messenger.&nbsp;
<img alt="&quot;&quot;" data-entity-type="file" data-entity-uuid="d54cd121-5b20-41b2-affe-1a4be8e1fab0" src="https://u.today/sites/default/files/inline-images/toncoin_3.png">TON to USD by <a href="https://coinmarketcap.com/currencies/toncoin/">CoinMarkeCap</a>
Whether this trend will continue, or we see a dead cat bounce and correction to a severe 30% dump, is the question to be answered in the near future.

Toncoin (TON) Skyrockets 148% in Volume as Bulls See $5 as Too Low

Table of Contents

U_Today

Other articles published on Sep 9, 2024

CoinShares: Digital Asset Outflows Reach $72M Amid Market Uncertainty

Cardano’s Latest Upgrade: What is Chang Hard Fork?

Top AI Coins to Watch: Revolutionizing Blockchain with Intelligence

US Economic Shifts Impact Cryptocurrency Market

Scam Alert: Fake Dogecoin Stream Takes Over YouTube Ahead of Apple's iPhone 16 Launch

Nigeria’s EFCC Blocks Bail for Binance Executive Despite Health Concerns: Report

Join our free newsletter for daily crypto updates!