- Toncoin (TON) surged 22%, surpassing Stellar (XLM) in market capitalization at $8.59 billion, following five consecutive days of gains fueled by Telegram founder Pavel Durov’s release from France.
- If TON breaks resistance at $3.645, it could trigger a fresh bullish uptrend, reinforcing its dominance over Stellar.
Toncoin (TON) has made headlines by surpassing Stellar (XLM) in market capitalization after a remarkable 22% price surge. This impressive rally has pushed TON higher in the cryptocurrency rankings, securing its place as the 14th largest digital asset.
Toncoin’s Market Triumph
Over the past five days, Toncoin has consistently gained value, culminating in a significant leap that placed its market capitalization at $8.59 billion, overtaking Stellar’s $8.37 billion. At the time of writing, TON was trading at $3.46 after a 19% increase in just 24 hours, while Stellar remained relatively stagnant at $0.272.
March 15 marked the highest daily gain for TON, where its value climbed from $2.906 to $3.637—a staggering 22.58% increase. This rally came shortly after a major development involving Telegram’s founder, Pavel Durov.
Durov’s Release Sparks Market Excitement
The surge in Toncoin’s price appears to be linked to the recent legal developments surrounding Telegram’s founder, Pavel Durov. Durov, who had been detained in France since August 2024, was finally granted permission to leave the country and travel to Dubai. Reports confirm that French authorities have returned his passport, allowing him to move freely.
This news seemingly renewed investor confidence in Toncoin, which is the native cryptocurrency of The Open Network (TON). Although The Open Network is separate from Telegram, it remains closely associated with the messaging platform, driving speculation and interest in its market performance.
Toncoin’s Journey: Volatility and Recovery
TON’s recent rise comes after a roller-coaster performance in the crypto market. Following Durov’s initial arrest, Toncoin’s price plummeted by over 35%, dropping from nearly $6.88 to $4.44 by September 2024. Despite reaching a peak of $7.20 in December, the cryptocurrency experienced a steady decline, hitting a low of $2.363 on March 11.
However, the tide began to turn, and Toncoin has now enjoyed five consecutive days of gains. Analysts suggest that if TON manages to break past its current resistance at the 50-day simple moving average (SMA) of $3.645, it could signal the start of a fresh bullish uptrend.
With Toncoin’s impressive rally, investors and traders are watching closely to see if it can maintain its momentum. If TON successfully breaches key resistance levels, it may continue to climb, reinforcing its newfound dominance over Stellar. However, as with all cryptocurrencies, market fluctuations remain a factor, and investors should proceed with caution.
For now, Toncoin’s resurgence serves as a testament to the ever-evolving landscape of digital assets, proving that even in volatile markets, comebacks are always possible.
