Toncoin (TON) has seen a significant surge in bullish momentum over the past week, with growing enthusiasm surrounding the asset.
In the last 24 hours, TON has registered an impressive 8.7% gain, reaching a trading price of $2.63 at the time of this report. The asset’s market capitalization has now exceeded the $9 billion mark, representing an 11-month high.
This surge in value coincided with an announcement by Pavel Durov, the founder of Telegram, who revealed his plans to distribute 10,000 premium subscriptions for his messenger app. Durov stated that he had purchased the premium accounts using TON coins, amounting to approximately $200,000. This move has undoubtedly contributed to the recent positive momentum of TON.
Dubai Regulatory Approval and Strong Buy Signal Boost TON
In a significant development, the Dubai Financial Services Authority granted approval for the use of TON and XRP within its jurisdiction on November 3. This regulatory green light has created a wave of positive sentiment around TON.
As a result, a robust “buy” signal has emerged, driven by impressive data from the market intelligence platform, Santiment. Currently, Toncoin’s price-daily active addresses (DAA) divergence stands at an impressive 334%. This indicates that the number of active wallets has surged more than the asset’s price, underscoring strong user engagement.
Santiment reports that TON’s total open interest (OI) has skyrocketed to $10.4 million, marking a remarkable 1,000% increase in the past month. Just a month ago, on October 8, Toncoin’s total OI was approximately $946,000.
In the wake of this bullish momentum, TON’s social volume has also seen an 11.5% uptick on platforms such as X (formerly Twitter), Telegram, Reddit, and 4chan, as reported by the market intelligence platform. These developments collectively contribute to the growing optimism surrounding TON.
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