Toncoin (TON) hit a 26-month high after topping the list of gainers.
TON is up 34.4% in the last 24 hours and is trading at $3.75 at the time of writing. The recent rally has helped the asset secure the 13th spot among major cryptocurrencies with a total market capitalization of over $13 billion.
Additionally, Toncoin’s daily trading volume has increased by 342% and is currently hovering around $300 million.
According to data provided by Santiment, TON’s total open interest (OI) jumped from $12.1 million on March 11 to $16 million at the time of reporting.
According to Santiment, Toncoin’s funding rate is currently 0.05%. This shows that traders are still betting on further price rises unless the market makes a U-turn.
According to the data, more than 226,000 TON tokens entered exchanges in the last 24 hours, and more than 302,000 TON coins were transferred to self-custodial wallets in the same period. The 76,000 TON exchange outflow shows that investors may be holding on to their assets for the long term rather than taking short-term profits.
At this point, the TON price-Daily Active Address (DAA) difference shows a buy signal, according to Santiment. A bullish signal shows that the likelihood of whale price manipulation decreases as more investors participate in pushing prices higher.
On March 11, Telegram founder Pavel Durov told the Financial Times that Telegram was finally ready for an initial public offering (IPO), with more than 900 million users and a valuation of about $30 billion.
Last week, TON received an $8 million investment from Mirana Ventures to develop a web3 “SuperApp” for Telegram.