Toncoin enters top 10 crypto by market capitalization, overtakes Avalanche

Toncoin, The Open Network’s native cryptocurrency token, has once again entered the list of the 10 most significant coins by market cap.

According to data from CoinMarketCap, Toncoin (TON) has overtaken Avalanche (AVAX) in market capitalization, reaching a market capitalization of $19 billion at the time of writing.

Along with the increase in market capitalization, the token’s trading volumes also jumped sharply, increasing by 91% over the last 24 hours and amounting to $223 million.

TON also increased in price by 6.3% over the past 24 hours, reaching $5.45 at the time of writing. Since the beginning of the year, the coin’s price has risen by 120%.

Toncoin’s market cap history

In September 2023, TON overtook Tron (TRX) after launching a digital wallet on Telegram’s popular messaging app. The announcement was made during the Token2049 conference in Singapore.

Telegram Founder Pavel Durov announced a new financial reward system for channel owners using the TON cryptocurrency in March. Telegram users can purchase advertisements using Toncoin, and channel owners will receive 50% of advertising revenue. Withdrawals will be available through the Fragment blockchain platform.

Also in March, Durov reported that Telegram had received a preliminary valuation of “$30 billion or more” ahead of a potential IPO, and crypto exchange Binance announced the launch of a perpetual futures contract for Toncoin. News of this gave impetus to the growth of TON’s price.