TON’s rally is likely to persist due to growing investor interest

• Toncoin (TON) experienced a significant price surge linked to Telegram’s TON Space launch.
• TON Space will offer a self-custody cryptocurrency wallet to Telegram’s 800 million users.
• Despite a recent 3% decline, TON’s weekly performance increased by over 38%.

In the last week, Toncoin has garnered attention due to a significant surge in its price. It is widely speculated that this uptick in the altcoin’s performance is linked to Telegram’s recent launch of TON Space.

On 13 September, an announcement was made stating that TON Space, a feature of the Telegram application, will offer a self-custody cryptocurrency wallet to its extensive user base of over 800 million. This news has also resulted in a surge of investor confidence, as they anticipate that this new initiative will enhance the adoption of TON.

This significance cannot be overstated, particularly in light of TON’s encounter with the U.S. Securities and Exchange Commission (SEC) in October 2019, and the SEC claimed that Telegram had illegally provided unregistered securities via a token referred to as “GRAM”.

Despite this, the project’s positive sentiment and promising progress assured many TON enthusiasts that the altcoin’s price will persist in its upward trajectory. However, traders should be aware that CoinMarketCap has reported a decline of over 3% in TON’s price in the last 24 hours of trading.

Consequently, TON was being traded at $2.36 at the time of reporting, a value between its 24-hour peak of $2.46 and its daily minimum of $2.26. In addition to the decline in its price, TON’s intraday trading volume also saw a substantial reduction of over 45%, leaving it at $45,293,095.

Conversely, it’s important to highlight that TON’s weekly performance increased by over 38%. Additionally, this altcoin achieved a 0.85% price surge in the most recent hour of trading.

TON’s market capitalization, valued at $8,039,867,223, is the 9th largest cryptocurrency by market cap. It closely trails Dogecoin , which holds the 8th position with a market cap of $8,715,266,253 and surpasses Solana , which sits at the 10th spot with a market cap of $7,864,271,813.