Accumulation of Toncoin surges, triggering a buy signal.
Toncoin (TON) has recently achieved its highest price in 26 months, putting it at the top of the list of gainers. Over the past 24 hours, TON has seen a 34.4% increase and is currently trading at $3.75. This surge in price has helped TON secure the 13th spot among the leading cryptocurrencies, with a market cap of over $13 billion.
In addition to the price increase, TON’s daily trading volume has also experienced a significant rally, rising by 342% and reaching around $300 million.
Data provided by Santiment reveals that TON’s total open interest has surged from $12.1 million on March 11 to $16 million at the time of reporting. Furthermore, TON’s funding rate currently stands at 0.05%, indicating that traders are still optimistic about a further price rally.
Within the past 24 hours, more than 226,000 TON tokens have been added to exchanges, while over 302,000 TON coins have been sent to self-custodial wallets. The fact that only 76,000 TON coins have been withdrawn from exchanges suggests that investors may be holding onto the asset for the long term rather than seeking short-term profits.
Santiment’s analysis indicates that the TON price-daily active addresses (DAA) divergence is signaling a buy signal. This suggests that there is less likelihood of price manipulation by large investors, as more participants have joined the price rally.
On March 11, Pavel Durov, the founder of Telegram, announced in an interview with the Financial Times that Telegram is now ready for an initial public offering (IPO), as it has surpassed 900 million users and has been valued at approximately $30 billion.
Last week, TON received an $8 million investment from Mirana Ventures to support the development of Telegram’s web3 “SuperApp.”
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