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Toncoin (TON) has recorded a massive spike within the last 24 hours as its price rallied by over 15% on the cryptocurrency market. This development has pushed TON up among ranking cryptocurrencies per market capitalization, outshining Shiba Inu (SHIB).
Is Telegram’s partnership with Grok fueling TON's rise?
Toncoin has risen to 16th place with a market cap of $8.52 billion, flipping dog-themed Shiba Inu to 17th place with its $8.32 billion.
As of press time, Toncoin price was trading at $3.46, representing a 15.65% increase in the last 24 hours. Trading volume has also spiked by 435.01% to $770.83 million as investors actively transact on the marketplace.
Toncoin rose from a low of $2.98 in earlier trading to a peak of $3.69 before settling at the current level. Due to some developments in the broader space, market sentiment has remained bullish during this period.
Notably, Telegram recently collaborated with Grok in a move that would see X, an artificial intelligence Grok AI chatbot, integrated into Telegram. The partnership deal involves cash, equity and a 50% revenue share sold via Telegram.
This development could have triggered the soaring value of TON in the marketplace, contributing to flipping SHIB.
Can TON breach $4?
Interestingly, Toncoin had flipped Shiba Inu in early March despite its bearish outlook. However, over several weeks, SHIB was able to reclaim 16th place. The current development signals a shift in the market between these two assets in the crypto space.
With this recent development, the ecosystem might witness another rally as trading volume is at a peak. If TON whales sustain the transaction, the price is likely to skyrocket.
Toncoin’s technical analysis shows that, in the short term, if this bullish momentum continues, TON could climb to breach the $4 level. However, it has to overcome a critical resistance at $3.80. A breakout after this point could push the price toward the $5.50-$7 price range.
Vladislav Sopov
U.Today Editorial Team