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The Rise of Toncoin: Closing In on Dogecoin’s Market Cap
Toncoin, a cryptocurrency originally developed by Telegram and later passed on to the open-source community, has seen a remarkable surge in value, bringing it closer to the market capitalization of the well-known meme coin Dogecoin.
Over the past day, Toncoin experienced a notable increase of 7.31%, propelling its market cap to an impressive $25 billion. This places it just $2 billion shy of Dogecoin’s market cap, which currently stands at $27.6 billion.
The day started with Toncoin trading at $6.70, reaching an all-time high of $8.80 on Bitfinex. Despite a correction, it has settled at $7.10. This remarkable price movement represents an 8% increase in the last 24 hours, a 40% surge in the past week, and a staggering 125% rise in the last 30 days.
Community Impact and Speculation
Following Telegram’s abandonment of the Toncoin project, the cryptocurrency has captured attention in the crypto market. Speculation surrounding Telegram’s potential public offering has certainly fueled recent interest in Toncoin. Influential figures within the crypto space have speculated on the impact of Telegram’s large user base on the Toncoin trade, hinting at significant potential if the platform were to go public.
imagine if you had an L1 with 900 million active users, that’s basically the argument for the toncoin trade
— Ansem 🐂🀄️ (@blknoiz06) April 10, 2024
Moreover, the development of the Notcoin game has significantly contributed to Toncoin’s rising popularity. By incentivizing user engagement with the TON ecosystem through various activities, the game has driven adoption and activity within the Toncoin community.
Analyzing Toncoin’s Technical Indicators
Technical analysis of Toncoin reveals a bullish trend, albeit potentially approaching a bearish correction. The Relative Strength Index (RSI) suggests an overbought scenario, with a ratio of 8-2 indicating more bullish sentiment. This could lead to a short-term correction as some investors look to secure profits, putting downward pressure on the coin’s price.
The Average Directional Index (ADX) further supports a strong bullish trend for Toncoin, with a reading of 62 indicating significant momentum in its price movement. An ADX above 24 is typically considered bullish in nature.
If Toncoin continues its upward trajectory, it may face resistance at its previous high of $8.80. However, the coin is currently exploring uncharted price territory, with a potential support level around $6 serving as an accumulation point. This level is also marked by its EMA10, which reflects the average price over the last 10 days.
Market Comparison and Future Outlook
Recent market dynamics have seen Toncoin surpass Cardano (ADA) in terms of market capitalization, with ADA valued at $20 billion. With the gap between Toncoin and Dogecoin narrowing significantly, the stage is set for potential shifts in market dominance.
It’s worth noting that even minor events, such as a tweet from a prominent Dogecoin advocate, could impact the relative positions of these cryptocurrencies. As Toncoin continues to make waves in the crypto space, eyes remain on its performance and potential future developments.
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