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The Rise of Toncoin Amidst Launch News
Toncoin, the native cryptocurrency of The Open Network (TON), has experienced a significant surge in value, making it one of the top gainers in the crypto markets. This comes at a time when leading cryptocurrencies like Bitcoin and Ethereum have remained relatively stagnant.
In the past 24 hours, Toncoin has seen a remarkable 13% increase in price, reaching $6.46 according to data from CoinGecko. Despite this strong performance, it is still second to Akash Network (AKT) in terms of market capitalization, which has seen a 16% rise on the same day.
The Launch of NOT Token Drives Toncoin’s Growth
The recent surge in Toncoin’s value can be attributed to the announcement by The Open Network project Notcoin regarding the upcoming launch of its highly anticipated token, NOT, on May 16. Notcoin, a viral Telegram-based game, garnered immense popularity with 35 million players participating before the conclusion of its “mining phase” on April 1.
Following the announcement of the token launch, major cryptocurrency exchange Binance revealed plans to distribute billions of NOT tokens as rewards to its users through pre-listing staking programs. Additionally, OKX, another prominent exchange, will be offering over 4 billion NOT tokens through similar initiatives, requiring users to stake TON tokens to earn rewards.
These developments have sparked a surge in Toncoin purchases, with exchanges like dYdX and HashKey showing support for the cryptocurrency. The recent price action has propelled Toncoin’s value by 24% in the last week.
Bitcoin and Ethereum Remain Stable
While Toncoin has experienced significant gains, other leading cryptocurrencies like Bitcoin and Ethereum have seen minimal movement. Bitcoin’s price has increased by 1% in the past day, reaching $62,420, with a total gain of 5% over the week. On the other hand, Ethereum has risen by 2% to $3,020 today, but it has shown negligible growth in the past seven days.
It is important to note that the information provided here is for informational purposes only and should not be considered as financial or investment advice. Investors should conduct their own research and analysis before making any decisions in the volatile cryptocurrency market.
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