- TON’s price was able to climb by more than 38% in 7 days after the recent TRON Space announcement.
- Many people believe TON’s price will continue to rise due to investor excitement and favorable momentum surrounding the project.
- At press time, TON was worth $2.36 after its price slipped by more than 3% over the past day.
Over the past week, Toncoin (TON) turned heads with an impressive price rally. Many believe that the altcoin’s success could be attributed to the recent unveiling of TON Space by Telegram.
The exciting announcement was made on 13 September and revealed that TON Space, a Telegram application feature, will provide access to a cryptocurrency self-custody wallet for its vast user base of more than 800 million users. This announcement has also led to an increase in investor optimism as they believe this new project will boost TON’s adoption.
This is especially important following TON’s brush with the U.S. Securities and Exchange Commission (SEC) in October 2019. The SEC alleged that Telegram has unlawfully offered unregistered securities in the form of a token known as “GRAM”.
Nevertheless, it seems like the currency positivity and favorable momentum surrounding the project was enough for most TON fans to be convinced that the price of the altcoin will continue to climb. Traders should, however, take note that CoinMarketCap indicated that TON’s price slipped by more than 3% over the past 24 hours of trading.
Toncoin / Tether 1D (Source: TradingView)
As a result, TON was trading hands at $2.36 at press time, which was right between its 24-hour high of $2.46 and its daily low of $2.26. Along with its price drop, TON’s intraday trading volume experienced a significant decrease of more than 45%, which left it standing at $45,293,095.
On the other hand, it is also worth noticing that the weekly performance for TON was still up by more than 38%. The altcoin was also able to secure a 0.85% increase in its price over the past hour of trading.
TON’s market cap of $8,039,867,223 ranked it as the 9th largest cryptocurrency in terms of market capitalization. This placed it on the heels of Dogecoin (DOGE) in the 8th spot with its market cap of $8,715,266,253, and in front of Solana (SOL) in the 10th position with its market cap of $7,864,271,813.
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