Toncoin, the native token of The Open Network, has jumped into the top 10 cryptocurrencies by market capitalization, beating Avalanche (AVAX). This is a significant development in the cryptocurrency market.
According to CoinMarketCap data, Toncoin (TON) has surpassed Avalanche in terms of market size. As of the most recent update, TON’s value stands at $19 billion.
Toncoin Market Surge Highlights
Along with the enormous increase in market value, the amount of trade has also gone through the roof. They went up by 91% in just 24 hours, making a total of $223 million.
In the last 24 hours, the price of TON has gone up by 6.3%. It is now $5.45 at the time of this report. Interesting enough, the coin’s value has grown by nearly 120% since its inception of the year.
It passed Tron (TRX) in the market in September 2023, which is why its value is going up now. After the launch of a digital wallet on the well-known chat app Telegram at the Token2049 conference in Singapore, this took place.
As of March, Pavel Durov, the founder of Telegram, made it easier for people to use Toncoin by giving channel owners a new way to get paid for using the currency. Toncoin can be used by Telegram users to buy ads in this way, and channel owners will get 50% of the earnings made from the ads. You will be able to get the funds back thanks to the Fragment blockchain technology.
The company was also given a rough value of more than “$30 billion” before its planned initial public offering (IPO), which Durov said in March. Around the same time, Binance, a cryptocurrency market, announced that a perpetual futures contract for Toncoin would be going live. This made the price of TON go up even more.
