Toncoin (TON) Is Up Over 140% in Its Trading Volume

Bittime - Toncoin (TON) is back in the spotlight. This cryptocurrency, which is closely related to The Open Network blockchain and is popular among Telegram users, has just recorded a spectacular spike in trading volume. 

In the last 24 hours, TON shot up 148%, proving that the market still has great confidence in this "Telegram coin".

TON Derivatives Rise Dramatically

Based on data from CoinGlass, TON derivatives, especially perpetual futures, reached a fantastic value of $511.25 million (around IDR 7.87 trillion) after experiencing a dramatic increase. Not only in the derivatives market, TON also stole attention in the spot market. 

CoinMarketCap reported that in one day, TON traded for $300 million (Rp. 4.62 trillion) on the spot market, a 115% jump compared to the previous day.

Read also: TON Station Farming Airdrop Completed October 4, Token Listing Will Be #SOON!

Total turnover for Toncoin reached more than $800 million (Rp. 12.32 trillion), with a trading volume to market capitalization ratio of 6.2%. 

Even though this figure is still within normal limits for crypto asset trading activity, the jump of hundreds of percent compared to the previous day clearly shows that TON is once again the favorite in the eyes of traders.

TON Prices Had Dropped Due to Pavel Durov's Arrest

However, behind this euphoria, there is an interesting story. Previously, TON experienced a sharp decline of more than 30% in the last three weeks, triggered by news of the arrest of Pavel Durov, the founder of Telegram. TON's price even touched $4.45 (Rp. 68,530), the lowest level since mid-March.

However, as stories in the crypto world are always full of surprises, the news of Durov's release on bail and changes to Telegram's privacy policy seemed like a breath of fresh air for TON. Buyers are again looking at the asset that is closely tied to the popular messaging app, pushing its price back up.

Read also: Tomarket Daily Combo 10 September 2024, Here's the Tap Order!

The big question now is: will this upward trend continue? Or is this just a "dead cat leap" before further correction? Some market observers warn that this kind of high volatility can be a double-edged sword.

Despite all speculation, this TON surge is clear proof that the integration of blockchain technology with popular communication platforms such as Telegram has great potential to change the digital economic landscape. 

For crypto fans in Indonesia, the development of TON can be a valuable lesson about market dynamics and the importance of following the latest developments in the world of technology and regulations.

While the market continues to be volatile, one thing is certain: the eyes of the crypto world will remain focused on TON's movements in the next few days. Is this the beginning of a new era for the “Telegram coin”, or just a temporary bubble? Only time will tell.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn How to Buy Crypto on Bittime.

Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.