Toncoin (TON) Skyrockets 148% in Volume as Bulls See $5 as Too Low

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As became known thanks to data from CoinGlass, Toncoin (TON) - a cryptocurrency associated with the blockchain of the same name and widely used in the popular messenger Telegram - skyrocketed by over 148% in trading volume in the last 24 hours.

Thus, as the data shows, derivatives on TON, namely perpetual futures, amounted to $511.25 million after a thunderous surge. In addition, Toncoin also saw a spike in trading activity on the spot market.

According to CoinMarketCap, $300 million worth of TON was traded on the spot market in the past day - 115% more than the day before. As a result, the ratio of trading volume to market capitalization was 6.2%, with a total turnover of over $800 million for the "Telegram coin."

This ratio indicates a rather normal and unextraordinary level of trading activity with the asset, but the fact that it is still hundreds of percent higher than the day before indicates that TON is back in the spotlight.

Toncoin (TON) price outlook

This is nothing new if you take a look at the price chart of Toncoin. After a dramatic plunge of over 30% in the last three weeks amid the news of Telegram founder Pavel Durov's arrest, the price of TON found itself at $4.45 - a low not seen since mid-March. 

However, with news of Durov's release on parole and Telegram tweaking its privacy policy, buyers seem to be finding renewed interest in an asset so closely tied to the popular messenger. 

TON to USD by CoinMarkeCap

Whether this trend will continue, or we see a dead cat bounce and correction to a severe 30% dump, is the question to be answered in the near future.