- 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.
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.
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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