Toncoin (TON) has recently reached its highest point in 26 months, claiming the top spot on the list of gainers in the cryptocurrency market.

With a 34.4% increase in the past 24 hours, TON is currently trading at $3.75. This surge has propelled the asset to the 13th position among the top cryptocurrencies, boasting a market cap of over $13 billion.

Toncoin Price and Trading Volume Surge

Currently, Toncoin’s daily trading volume has increased by an impressive 342%, reaching around $300 million.

According to data from Santiment, TON’s total open interest has seen a significant rise from $12.1 million to $16 million in a short span of time.

Additionally, the funding rate for Toncoin stands at 0.05%, indicating that traders are optimistic about a further price increase unless market conditions change.

Trading Activity and Investor Behavior

In the last 24 hours, over 226,000 TON tokens have been deposited into exchanges, while more than 302,000 TON coins have been transferred to self-custodial wallets. This suggests that investors may be holding onto their assets for the long term rather than seeking short-term gains.

The TON price-daily active addresses (DAA) divergence signal from Santiment indicates a buy signal, signaling reduced chances of price manipulation by whales and increased participation from retail investors in the price rally.

Furthermore, Telegram founder Pavel Durov recently mentioned in an interview with the Financial Times that Telegram is considering an initial public offering (IPO) as the platform has surpassed 900 million users and holds a valuation of approximately $30 billion.

Last week, TON received an $8 million investment from Mirana Ventures to further develop Telegram’s web3 “SuperApp.”

For more updates on the cryptocurrency market, continue exploring Global Crypto News.

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