- Toncoin, the cryptocurrency initially developed by Telegram, is inching closer to the market capitalization of Dogecoin, the popular meme coin.
- The recent surge in Toncoin’s value is likely helped by rumors of Telegram going public through an initial public offering (IPO).
- Toncoin’s technical analysis indicates a strong bullish trend, but it may be nearing a bearish correction as the coin appears to be overbought.
Toncoin, the cryptocurrency initially developed by Telegram and then handed to the open source community, is inching closer to surpassing the market capitalization of OG meme coin Dogecoin. This comes amid a massive surge for Toncoin over the past month.
Toncoin’s Recent Price Surge
Toncoin has experienced a significant surge in the last day, increasing by 731% and bringing its market cap to a massive $25 billion – just $2 billion shy of Dogecoin’s $27.6 billion.
The coin started the day at $0.67, peaked at an all-time high of $0.88 on Bitfinex, and has since corrected to its current price of $0.71. This represents an 8% increase in the last 24 hours, 40% in the last week, and a staggering 125% in the last 30 days.
Factors Contributing to Toncoin’s Growth
The recent spike in Toncoin’s value is likely helped by rumors of Telegram going public – a development predicted by highly influential accounts in the crypto space.
The rumors of a possible initial public offering (IPO) have been around for a while. Back in March, Telegram CEO Pavel Durov told Business Insider that his company had been offered $30-billion-plus valuations from potential investors but that he’s more interested in launching a direct initial public offering.
Another factor contributing to Toncoin’s popularity is the Notcoin game. It boosted Toncoin’s popularity by rewarding users who engaged with the TON ecosystem through installing a wallet, purchasing NFTs, upgrading Telegram accounts, and using other TON-based projects.
Toncoin’s Technical Analysis
Subjected to a technical analysis, Toncoin looks bullish but could be nearing a bearish correction. Its Relative Strength
