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Toncoin enters prime 10 crypto by market capitalization, overtakes Avalanche

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Toncoin, The Open Community’s native cryptocurrency token, has as soon as once more entered the listing of the ten most vital cash by market cap.

In accordance with knowledge from CoinMarketCap, Toncoin (TON) has overtaken Avalanche (AVAX) in market capitalization, reaching a market capitalization of $19 billion on the time of writing.

Toncoin enters top 10 crypto by market capitalization, overtakes Avalanche - 1

Supply: CoinMarketCap

Together with the rise in market capitalization, the token’s buying and selling volumes additionally jumped sharply, growing by 91% over the past 24 hours and amounting to $223 million.

TON additionally elevated in worth by 6.3% over the previous 24 hours, reaching $5.45 on the time of writing. For the reason that starting of the yr, the coin’s worth has risen by 120%.

Supply: CoinMarketCap

Toncoin’s market cap historical past

In September 2023, TON overtook Tron (TRX) after launching a digital pockets on Telegram’s in style messaging app. The announcement was made through the Token2049 convention in Singapore.

Telegram Founder Pavel Durov introduced a brand new monetary reward system for channel house owners utilizing the TON cryptocurrency in March. Telegram customers should buy ads utilizing Toncoin, and channel house owners will obtain 50% of promoting income. Withdrawals will likely be obtainable by means of the Fragment blockchain platform.

Additionally in March, Durov reported that Telegram had obtained a preliminary valuation of “$30 billion or extra” forward of a possible IPO, and crypto change Binance introduced the launch of a perpetual futures contract for Toncoin. Information of this gave impetus to the expansion of TON’s worth.

You may also like: TON hits world report for blockchain velocity

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