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The Toncoin price surged 5% in the last 24 hours to trade at $5.60 as of 5.10 a.m. EST on trading volume that soared 101% to $1.36 billion.
The TON price’s 5% surge is part of a recovery from a drop the crypto suffered on Aug. 24. This was when the news emerged that Telegram founder, Pavel Durov, was arrested by the French authorities for his ties to Telegram.
French authorities held him accountable for enabling various illegal activities through the Telegram app. For example, they alleged Durov was complicit in money laundering, helping spread child pornography, refusing to communicate to authorities, and other illegal activities.
Since then, French authorities have been heavily criticized by Durov’s defenders for taking him into custody, claiming that the move represents an attack on the freedom of expression. Since then, Durov has been charged and released after paying 5 million euros in bail, and while he is not allowed to leave the country, his release caused the TON price to see a slight recovery.
Toncoin Price Prediction
The past 24 hours have brought a lot of volatility to Toncoin, seeing it both skyrocket and correct, only to grow again. In the past few hours, the token’s performance has been relatively flat, but multiple technical indicators suggest that its price is preparing to break out.
The token’s Bollinger Bands have seen extreme narrowing recently, especially after a massive widening yesterday at the time of the price surge. This is a strong bearish signal, which suggests that the price might soon see a strong correction.
Somewhat contradictory, the token’s Relative Strength Index (RSI) has been fluctuating between the neutral area and the overbought zone, suggesting that traders are both buying and selling, but that the buyers have a stronger hold on the token’s price.
What’s more, the crypto market has seemingly managed to shake off the bearish influence, with many coins starting to trade in the green again, which could contribute to Telegram’s own positive price performance.
Finally, Durov’s release could contribute to the token’s positive performance even further, now that the bearish grip has started weakening. However, investors and traders should remember that uncertainty still looms across the market and that the situation could easily take a turn for the worse at any moment.
Promising Alternative To Toncoin
With the Toncoin price in a delicate position, many investors are looking for less risky investment opportunities, and one of the best available cryptos like that right now could be Crypto All-Stars (STARS).
Crypto All-Stars is a new meme coin project that launched its presales a few weeks ago, offering its native token, STARS. However, the project immediately stood out from other meme coins, even during 2024 — the year when this sector thrived, with dozens, if not hundreds of new meme coins going live. The reason for that is simple — Crypto All-Stars introduces a new type of smart contract that could forever revolutionize staking.
As one of the most popular DeFi activities across the industry, staking allows users to lock up cryptocurrencies of specific projects and receive more tokens as a reward. Staking helps protect the tokens’ networks. It also reduces the number of coins in circulation, which can have a positive effect on the cryptos’ prices.
However, each project only lets you stake its native coins or tokens, or at least, that was the norm until now. Crypto All-Stars developed a new smart contract for staking called MemeVault, which lets users stake all of the top meme coins, including Dogecoin, Pepe, Turbo, Brett, Milady, Floki, and others. As such, it promotes unity among meme coins, and it acts as the center of future meme coin staking.
This immediately drew investors to its ICO, which has since raised over $844K so far. You can join the ICO right now and buy the STARS token for only $0.0014078 apiece using ETH, BNB, USDT, or credit/debit cards. The project even attracted the attention of a major crypto YouTuber, Jacob Crypto Bury, who said in a recent video that the project has at least 10X potential.
Buy STARS on its official website.
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