Toncoin Nears Dogecoin's Market Cap Amid IPO Buzz and Crypto Surge

Toncoin's value has surged dramatically, largely due to speculation about Telegram's potential initial public offering (IPO).

Developed by Telegram before being released to the open-source community, Toncoin's market value has risen to $25 billion, nearing Dogecoin's $27.6 billion.

Starting at $6.70, Toncoin reached a new peak of $8.80 on Bitfinex and later adjusted to $7.10.

This change marks significant growth of 8% in a day, 40% over a week, and 125% in a month. This growth spurt is fueled by the buzz around Telegram potentially going public, as hinted by influential crypto personalities.

Meanwhile, Telegram's CEO, Pavel Durov, discussed a possible IPO in March, noting that the company could opt for a direct public offering after receiving offers valuing it over $30 billion.

The Notcoin game has also boosted Toncoin's popularity, rewarding users for engaging with the TON ecosystem, such as setting up a wallet or buying NFTs. Technically, Toncoin is in a bullish trend but shows signs of a nearing correction.

Its Relative Strength Index (RSI) suggests it's overbought, and a short-term price drop could occur as investors take profits.

Despite potential downturns, Toncoin's recent high of $8.80 could become a resistance point, while the $6 level might provide strong support based on its 10-day Exponential Moving Average (EMA10).

Toncoin recently overtook Cardano in market cap, positioning it just behind Dogecoin. Any major endorsement from a Dogecoin influencer could impact this tight competition.