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The Toncoin price has soared 28% in the past 24 hours to trade for $4.366 as of 04:22 EST time as trading volume jumped 17%.
It comes amid news of a potential Initial Public Offering (IPO) for Telegram, formerly called Telegram Open Network. TON, short for The Open Network and a decentralized blockchain developed by Telegram, is the currency for Telegram’s services.
Telegram CEO Pavel Durov revealed the potential IPO listing for the social app, according to a report by the Financial Times. Telegram has reached 900 million users and is approaching profitability, the report said.
Telegram has reportedly hit 900 Million users and nears profitability as the company considers going public through an IPO – Financial Times
— Evan (@StockMKTNewz) March 11, 2024
TON is the ticker for the Toncoin blockchain and is used to influence how the network develops. Given The Open Network is a decentralized autonomous organization (DAO), users who hold TON can cast votes on any proposed changes to the blockchain or ecosystem.
Reports also indicate that a whale spent 214 ETH, worth approximately $852,000 at the time, to buy 209,237 TON tokens at approximately $4.07 each. With this, the large holder is currently earning an estimated total profit of $2.48 million from 6 of 9 traded tokens, constituting a win rate of 66.6%.
The $TON price surged ~26% (24H) amid a potential IPO of #Telegram.
Whale 0x1ee has spent 214 $ETH ($852K) to buy 209,237 $TON at ~$4.07 in the past 25 hours.
Note that the whale is currently earning an est. total profit of $2.48M from 6 of 9 traded tokens (win rate: 66.6%).… pic.twitter.com/c7Eps1dEsX
— Spot On Chain (@spotonchain) March 13, 2024
Toncoin Price Outlook Amid Speculation Of A Telegram IPO
The Toncoin price has recorded a new all-time high of $4.527 on OKX Exchange against the Tether (USDT) stablecoin. It has cleared the April 2022 high of $3.280 and sits atop the 78.6% Fibonacci retracement level of $3.728.
The odds continue to favor the upside, and with that, the Toncoin price could reach the $5.000 psychological level.
Multiple technical indicators support the case for the bulls, starting with the green histogram bars of the Awesome Oscillator (AO). The large volumes of the AO and their position in positive territory shows the bulls have a strong presence in the TON market.
Moreover, the volume indicator is also showing large green bars, pointing to a primary trend that is gaining strength. The rising momentum shown by the climbing Relative Strength Index (RSI) reinforces this.
Enhanced buying pressure could see the Toncoin price extend higher to record a new all-time high.
TradingView: TON/USDT 1-day chart
On the other hand, if the bears have their way, the Toncoin price could pullback, writing off all the ground covered in the past week. For the bullish thesis to be invalidated, however, the TON price must descend below the 50% placeholder at $2.642, and close below it on the weekly timeframe.
However, even as the Toncoin price soars, investor attention is being drawn to Sponge V2, an upgraded GameFi meme coin that has soared 59% in the last month.
https://www.youtube.com/watch?v=AHNZ-7fGcGY&pp=ygUOc3BvbmdlIHYyIHBlcGU%3D
Promising Alternative To Toncoin
Sponge V2 takes the spotlight after the network announced the termination of Sponge V1 and migrated new meme coin SPONGE V2 to Polygon. The migration followed a malicious attack on its liquidity pool.
🚨 Important information 🚨
Our V1 Snapshot will be taken on the 5th of February at 11pm UTC, $SPONGE V1 will then immediately be discontinued.
Follow this thread to migrate your Decentralised and Centralised tokens to V2 before it's too late! 👇
🧵 1/4 pic.twitter.com/qPSTIX6dNT
— $SPONGE (@spongeoneth) February 2, 2024
On Polygon, holders enjoy a more security, greater efficiency (faster), and cheaper transactions.
Important reminder! ⏰
Exchanges have been asked to suspend trading of $SPONGE V1 on the 5th of February at 11 PM UTC.
We strongly advise all holders to withdraw their tokens from centralised exchanges and stake through the #Sponge website as soon as possible.#MemeCoin #Alts pic.twitter.com/1L8bwZcJfu
— $SPONGE (@spongeoneth) February 2, 2024
The team is also launching a fully decentralized Play-to-Earn (P2E) game with significantly lower transaction fees. This is because MATIC transaction costs range from 0.1 and 0.5 MATIC ($0.077-$0.38), relative to Ethereum’s $2.5 to $20 range. The migration is a tune-up to significant on-chain savings.
The staking function is gaining ground, with stakers enjoying up to 176% in Annual Percentage Yields (APY) on Ethereum and 458% on Polygon. So far, over 9.192 billion SPONGE tokens have been staked.
Buy and stake $SPONGE today and it could set up your crypto portfolio for spectacular returns, with analysts ranking it among their best choices for promising meme coins.
Also Read:
- How to Buy Sponge V2 On Presale – Alessandro De Crypto Video Review
- 100X Meme Coin Sponge Prepares For Second Takeoff With Launch of V2 – Is $SPONGEV2 The Best Crypto to Buy Now?
- Can Sponge V2 Experience a 100x Surge Similar to Sponge V1 Upon Its Launch in 2024? Conor Kenny Presale Review
- $SPONGE Crypto Price Surge Sparks Speculation on SPONGE V2’s Meme Coin 100x Potential
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