This month, Telegram-affiliated cryptocurrency Toncoin reached a peak, a three-week high of $7.10, experiencing a growth of 50%, with a 15% increase in just 24 hours. The performance, proving to be more substantial than that of other leading cryptocurrencies, signals a unique potency characterizing Toncoin’s market movements.
A significant factor contributing to this surge was the anticipated launch of Notcoin, a play-to-earn game embedded within the Telegram app. The Notcoin team vowed to airdrop a new native cryptocurrency, NOT, to the game’s 34.5 million token holders. Upon launching, it was set to function on the TON Blockchain and be made available for trade on prominent cryptocurrency exchange platforms such as Binance and Bybit.
In the lead-up to NOT’s launch, the TON Blockchain network witnessed a remarkable increase in its total value locked (TVL), an indicator of increased demand for Toncoin. Furthermore, the TON Blockchain network integrated Tether (USDT) stablecoins, adding to the TVL rise.
Additionally, Pantera Capital made a significant, albeit undisclosed, investment in The Open Network, swayed heavily by the integration of the Proof-of-Stake ecosystem with the Telegram app in April. This collaboration sets The Open Network on a trajectory to become one of the largest crypto networks, considering Telegram’s user base of 900 million monthly users. Since the announcement, Toncoin’s value has climbed by nearly 46%, reflecting a positive market reaction to these developments.
The price climb of Toncoin has been attributed to a rebound initiated after reaching an essential support confluence, identified by an ascending trendline, the 50-day exponential moving average (EMA), and the 0.618 Fibonacci retracement level. This movement in TON’s price mirrors a similar market scenario observed in February, promoting speculations of a potential 20% price increase in the coming weeks.