Toncoin (TON) rose 59% over the last seven days and posted a hefty $347 million in 24-hour trading volume, according to data by CoinGecko.
TON is the native coin powering a decentralized file sharing and data storage solution protocol called TON Storage. It launched on The Open Network (TON) blockchain in January 2023 and has risen to become the fourteenth largest cryptocurrency with a market capitalization of $14,832,178,821.
TON has been consistently rallying with the rest of the market recently. It’s currently trading 91% higher than it was 30 days ago and about 78% higher than it was this time last year.
TON’s progenitor, The Open Network, was originally named Telegram Open Network on its launch in 2018, in honour of the fact that it was initially developed by the Telegram Messenger team.
The SEC accused Telegram of selling unregistered securities through TON and Telegram officially parted ways with its blockchain in 2020.
TON’s new name reflects its global, independent and open ethos. It also claims to be the fastest blockchain ever tested.
Telegram still routinely endorses TON too. One factor driving TON’s price action these past two days has been Telegram CEO Pavel Durov’s interview with Financial Times this week, where he hinted at a potential IPO.
Over on TON’s chart we can see movement fairly typical of the last 2-3 months for any cryptocurrency. After starting the year strong, crypto held steady through most of January and February.
In late February, early March, steep gains appear that could very well continue in the coming weeks, depending on the market’s overall sentiment towards crypto and riskier assets, although last month’s hot inflation readings have somewhat dampened enthusiasm for crypto this week.
Toncoin Is Interesting, But Does It Breathe Fire?
Toncoin is one of the more serious leading altcoin projects. Like XRP and ICP, it has a vision to bring everyday facility on-chain.
However, as a coin of pretty bounded and defined utility, it lacks some of the charm and effortless branding of projects like Bitcoin or Dogecoin.
One altcoin that’s pumping hard at the minute and may easily go further is Smog (SMOG), a token that listed on the Jupiter and Birdeye DEX aggregators in February.
SMOG is a Solana-and-Ethereum-based coin that has risen by 22% in the past 24 hours alone. These recent gains are a tip of the iceberg in the broader scheme of things: SMOG rose an eye-watering 323% in the last fortnight and nearly 700% over the last month.
The gold rush is due to SMOG’s unique airdrop system, which it touts as “The greatest Solana airdrop of all time” which promises great rewards for investors who can hold onto more of their SMOG tokens for longer.
Around 1.4 billion SMOG—35% of its overall supply—is allocated to future drops. SMOG’s staking system offers yields of 42% APY to incentivize people to hold onto their tokens.
People can also complete various tasks to earn more credits for the coin’s airdrops.
If you want to help SMOG along, you can Buy SMOG Here
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
