Toncoin started getting massive attention in the market due to its recent high performance, overtaking top tokens like Bitcoin, Solana, and Ethereum in price performance. Thus, it is important to provide details of this recent performance and the factors behind it. In this article, we will explore the answers to some of these pressing questions about Toncoin.
Toncoin Recent Market Performance
Toncoin emerges as one of the top-performing cryptocurrencies in the market, judging from its growth despite the current downturn by the apex cryptocurrency, Bitcoin. The last time the token reached an all-time high was on 12th November 2022, when the price touched $5.84. But there were so many declines and appreciation within that period to 2024.
However, it was able to reach a new all-time high, and this happened recently on 11th April 2024, with the price climbing to $7.65. Due to attraction from different crypto users and traders, this Telegram-linked token achieved many feats. One of them was beating top cryptocurrencies like Dogecoin and Cardano to become the 8th most valuable token with over $23 billion market cap. Judging from its price growth of over 112% in a month, Toncoin is a better performer in the market than Bitcoin, Solana, and Ethereum. According to CoinMarketCap, Solana has a monthly decrease of over 20%, Bitcoin dipped at over 5%, and Ethereum has a monthly reduction of over 15%.
How Did TON Become a Top Performing Crypto?
Many factors contributed to Toncoin’s excellent performance in the crypto market. Nevertheless, the majority of these factors come from ten allocations aimed at boosting user interaction within the Toncoin ecosystem.
The first thing that comes to mind is the recent Toncoin community rewards initiative, which is valued at $100 million. Secondly, users were encouraged to join the digital identity initiative using palm scanning technology with about $5 million for this initiative.
Thirdly, there was the launch of a massive $115 million incentive program, which includes incentives and rewards like a league developer system, Toncoin mining, liquidity pool enhancement, and airdrops. Also, the co-founder of Telegram recently shared an IPO consideration, driving the price of this token to over 26% increase.
Current Market Overview of Toncoin
At press time, the price of Toncoin has slightly declined, decreasing by over 2% in the last 24 hours. Furthermore, other metrics, such as the market valuation, dropped to about $22 billion, while the trading volume stands at over $600 million. Nevertheless, its growth is still evident in the weekly and monthly charts, with over 1% and 75% growth, respectively.
Conclusion
2024 is becoming a year to remember for Toncoin positively, judging from its recent increases and accomplishments in the market. The token grew to become the 8th most valuable crypto with over $23 billion market cap. Furthermore, it reached a new all-time high at $7.65 while keeping a monthly increase of over 112%. However, many things contributed to this growth, mainly incentive allocations to drive user interactions. Some of them include the $115 million incentive program, a $100 million community rewards initiative, and many others. Will Toncoin continue its massive ascent? Only time will tell.
TonCoin Cover Image by Vecteezy
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
