Toncoin (TON) has surged 62% in the past seven days.
Whale investor capitalizes, earning $2.48M profit with an impressive win rate.
TON, the native token of Toncoin, has emerged as a frontrunner, surging by a remarkable 20% in the past 24 hours. This meteoric rise, catapulting TON to a two-year high of $5.84, is fueled by fervent anticipation surrounding Telegram’s rumored Initial Public Offering (IPO).
One notable player in this surge is the enigmatic “Whale 0x1ee,” who, in a strategic move, poured 214 ETH (equivalent to a staggering $852,000) into acquiring 209,237 TON tokens at an average price of approximately $4.07 within the past day. Riding this wave, the whale is currently reveling in an estimated total profit of $2.48 million, with a formidable win rate of 66.6% on 6 out of 9 trades.
Market analysts attribute this bullish momentum to a confluence of factors. Telegram Messenger’s recent initiative to remunerate channel owners with cryptocurrency for advertisements has bolstered confidence in the platform’s commitment to innovation. Moreover, Binance‘s introduction of perpetual futures trading for TON tokens has added fuel to the fire, amplifying trader interest and driving up trading volumes by a significant 11% to $389 million.
Looking ahead, the trajectory of TON’s price hinges on the tug-of-war between the bulls and bears. If the bulls maintain control, projections indicate potential highs of $4.73 to $5.12, bringing TON tantalizingly close to its all-time high (ATH), just 26.7% away. However, in the event of a bearish takeover, TON’s price could retrace to $3.26 to $2.58, reflecting the inherent volatility of the cryptocurrency market.
In a recent interview, Telegram founder Pavel Durov dropped tantalizing hints about the platform’s imminent IPO, buoyed by its staggering 900 million user base and imminent profitability. With potential investors valuing Telegram at over $30 billion, Durov reiterated his commitment to democratizing access to Telegram’s value through the IPO.