- Toncoin (TON) is seeing some massive price increases.
- In the monthly charts, it increased by more than 30%.
Many crypto projects always strive to reach success despite the difficulties they face on the way. Apparently, one of them is the Toncoin (TON), which saw a massive price increase despite difficulties. It had a popular founder, which it later abandoned due to its difficulties with the project. However, it looks like it is back after showing all greens in the price charts.
What is Toncoin (TON)?
- The Toncoin (TON) is a crypto project with massive changes in the project’s leaders. At one point, the project had to start afresh due to a leadership change. So, this crypto project is a decentralized layer-1 blockchain developed in 2018 by the encrypted messaging platform Telegram. Then Telegram left the leadership of the token after facing some difficulties. However, an organization, the Ton Foundation, renamed from “Telegram Open Network” to “The Open Network.”
- Since taking over the project, there was a revitalization with the project gaining more organic followers. Apparently, the Toncoin (TON), formerly known as Gram, is the native cryptocurrency of the TON network. The network operates using a proof-of-stake consensus that allows for more network scalability and speed of transactions.
Toncoin (TON) See Massive Price Increase
- One can classify the Toncoin (TON) as one of the top gainers in the crypto market, as the token has a wild ride. So, it continues increasing both in the daily, weekly, and monthly charts.
- On the charts, one can see that the Toncoin rarely has any bear lurking around. Only in the daily charts will one see some bearish movements across certain points. However, in many other parts of the charts, the Toncoin (TON) is having a massive price increase. At the time of writing, this token’s price is $1.72. Furthermore, it may make some retracements after the massive pump.
- In the weekly charts, this token is up by more than 20%, with the charts looking all green without any signs of the bears. So, in the weekly charts, the lowest price here is $1.38. This shows how the massive price pump of the 29th of August helped this token. Furthermore, the token had a consistent price increase to reach more than $1.74 as the highest.
- The monthly chart further shows consistency in Toncoin (TON) price increase. So, the token is up by more than 30% and close to reaching the 40% mark. At the rate at which Toncoin (TON) is going, it will surely reach new heights despite the impending retracement.
Toncoin Price Increase Might Not Last
- According to several metrics, Toncoin retracement might happen, and it depends on a number of things. One of them is the Market Value to Realized Value (MVRV) ratio. Apparently, this is the ratio between the market value of a crypto-asset and its realized value. At the time of writing, it isn’t looking good for Toncoin. It is in the danger zone. So, this means that investors are no longer accumulating, and are selling.
- The next is the The Relative Strength Index (RSI). Apparently, the RSI is neutral at about 64 points. This simply means that it isn’t sitting at buy or sell. So, there are chances that investors might buy or sell off Toncoin (TON).
Conclusion
Toncoin (TON) is a crypto project seeing some masons revitalization after the original owners of the project abandoned it. Apparently, the recent crypto market pump on the 29th made the price increase to more than 30%. The messaging platform Telegram was the project’s original owner before leaving it. So, the TON Foundation took over and is the current leader.
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