Toncoin (TON) has experienced a 5% increase in price on Wednesday and a significant 120% increase over the past two months, placing it at number nine in terms of market capitalization. The week started with TON at $2.31 and reached a high of $2.59 before settling at the current price of $2.53. TON is among the top gainers of the day, with a 4% increase in the last 24 hours. Other top gainers include XDC Network (XDC) with a 5.32% rally and Conflux (CFX) with a 4.355% daily gain.
The surge in TON’s price can be attributed to its integration into Telegram, a popular messaging app. However, there is no official collaboration between Toncoin and Telegram regarding this integration. The Ethereum blockchain, on which TON is built as a wrapped asset, has also seen significant changes due to this integration. As a result, the number of active TON addresses on the Ethereum network has multiplied seven times, reaching over 300 for the first time in nine months.
In addition to increased activity on the Ethereum network, there has been a significant increase in TON token transfers, with 1.2 million tokens transferred on September 16, the highest recorded transfer since December. This increase in activity, along with growing market capitalization and trading volume, has attracted investor interest and led to continued buying with hopes of a sustained bull run to $10.
Technical analysis shows that TON is currently overbought, indicating a potential correction as buyer exhaustion sets in and bears take profits from the recent rally. If this correction occurs, support levels can be found at various Fibonacci retracement levels and moving averages.
As investors look for promising alternatives to Toncoin, one option is to invest in new coins during presale stages. TON Alternatives is a token currently in its final presale stage, having already raised over $25 million. Investors have the opportunity to purchase the token for $0.0337 before it hits exchanges and potentially increases in price. Many analysts believe this new coin has the potential to become a leading meme coin, surpassing Dogecoin (DOGE) and Shiba Inu (SHIB).
In conclusion, Toncoin has experienced significant growth in price and market capitalization, thanks in part to its integration into Telegram. However, a correction may be on the horizon as the market becomes overbought. Investors can also explore opportunities in new coins during their presale stages, such as TON Alternatives.
Hot Take: TON’s Integration into Telegram Drives Price Surge but Correction May Be Imminent
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.