Ramazan Eles 
Recent data reveals that a significant Ethereum whale has recently invested $850 million in TON, sparking a remarkable rally in the Toncoin price, which soared above $4.0.
Toncoin, the native cryptocurrency of the Telegram Open Network (TON), has experienced an impressive 25% surge in the past 24 hours, reaching a new all-time high of $4.45. Currently, the Toncoin (TON) price stands at $4.31, marking a 16.31% increase, with a market capitalization of $15 billion. Notably, the 24-hour trading volumes have also surged by 30% to reach $354 million.
What’s Driving the Toncoin (TON) Price Rally?
The surge in Toncoin price is closely correlated with increased trading volume, fueling optimism about its future price trajectory. Additionally, a recent announcement regarding the distribution of 50% of revenue to Telegram channel owners has added to the bullish sentiment.
According to the announcement, “Telegram will distribute rewards using Toncoin on the TON Blockchain, with channel owners set to receive 50% of all revenue generated from advertising on the company’s channels.”
Toncoin’s expansion is further propelled by thriving initiatives within the TON blockchain ecosystem, particularly within The Open League. TON Raffles has witnessed remarkable growth, with a 70% increase in user engagement and a notable 60% surge in Total Value Locked (TVL). Recognizing these achievements, the TON Foundation has introduced a generous airdrop program, distributing 1 TON to each holder of TON Raffles tokens.
Furthermore, on-chain data provider Lookonchain observed a 30% surge in TONcoin’s price, coinciding with a significant transaction on the blockchain. A whale investor purchased 209,237 TONcoin tokens for 214 Ethereum, equivalent to approximately $858,000 USD, at a price of $4.1 per TONcoin.
Toncoin Price Prediction
While the current sentiment leans bullish, with 95% of TON investors in profit, there’s a possibility of profit-taking in the near future. Analyzing technical indicators suggests a short-term uptrend, with potential support levels at $2.6 and $2.38. A sustained price close above $4 could trigger a move towards $5.8.