Toncoin Soars 148%, Investors Believe The Price Of 5 US Dollars Is Too Cheap

Toncoin (TON) jumped 148%, investors believe the price of $5 is too cheap (Photo; Doc. Coincodex)

JAKARTA - The price of Toncoin (TON) has seen a tremendous spike in trading volume, recording an increase of up to 148% in the last 24 hours. Crypto assets associated with blockchain networks and used in Telegram's popular messaging application have again attracted the attention of investors, especially after prices slumped sharply in recent weeks. This spike indicates a strong return of interest in Toncoin, which had previously been dimmed due to various issues that hit.

Based on data from CoinGlass, Toncoin's derivative trading volume, particularly on term-eternal contracts, jumped to 511.25 million US Dollars (approximately IDR 7.8 trillion). Not only that, Toncoin also recorded a significant increase in the spot market with a trading volume of 300 million US Dollars (approximately IDR 4.6 trillion) in one day, or an increase of 11% compared to the previous day. Toncoin's total trade turnover in the last 24 hours has reached more than 800 million US Dollars (approximately IDR 12.3 trillion), which suggests the re-population of these assets among crypto investors.

Although the ratio of trade volume to market cap reached 6.2%, which is still considered a normal rate of trading activity, a hundreds of percent increase in the short term suggests that Toncoin is again in the spotlight on the crypto market.

According to U.Today's information, over the past three weeks, the price of Toncoin has decreased by more than 30% to reach a minimum of 4.45 US Dollars (around Rp68,730), which has not been seen since March 2024. This decline was triggered by news of the arrest of Pavel Durov, the founder of Telegram, which brought concern among investors.

Durov was arrested by French security authorities at Le Bourget Airport on August 24, 2024, on charges of a lack of content moderation on the Telegram platform that allows illegal activity. However, after news of Durov's parole and improving Telegram's privacy policy, investor interest has increased again, pushing the price of Toncoin up again.

This price increase raise raises questions among investors about whether this positive trend will continue or is only a temporary phenomenon before other major corrections occur. Some analysts warn of a potential dead paint bounce'', namely a temporary recovery after a sharp decline, which may be followed by significant corrections.

However, Toncoin supporters believe that with Telegram's growing popularity, the price of 5 US Dollars (around Rp77,225) is considered too cheap for assets that have great potential in the blockchain ecosystem and digital messaging.