Summary
TON, the cryptocurrency associated with Telegram, reached a new all-time high of $7.11 before undergoing a price correction. It surpassed Cardano in market capitalization and is currently trading at $6.49. Analysts predict a consolidation period between $6.50 and $6.75. TON’s growth is attributed to market dynamics and developments within its ecosystem, including a $5 million allocation for palm-scanning identity verification and Telegram’s revenue-sharing system. Mirana Ventures has backed TON with an $8 million purchase and a long-term collaboration.
Key Points
1. Toncoin (TON) reached a new all-time high of $7.11 on April 9, 2024, after a 35% increase in price over the last seven days.
2. TON surpassed Cardano (ADA) in market capitalization, securing the 10th spot with a market capitalization of $22.43 billion.
3. TON’s growth can be attributed to significant developments within its ecosystem, including a $5 million allocation in TON tokens for palm-scanning identity verification and Telegram’s revenue-sharing system introduction.