Toncoin gains 20% in a week as Telegram adapts several platform parameters

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Last Updated on 13 September 2024 by CryptoTips.eu

Toncoin, the official currency of the Telegram social media platform, has climbed some 20% in recent days. Ever since it hit a multi-month low of $4.50 on September 7, the cryptocurrency has already gained more than 20%.

The bullish move comes after Telegram complied with some wishes from European authorities and it was revealed that millions of crypto wallets had purchased Toncoin below $5. Could this be the start of a new leg up?

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Telegram had to deal with some bad news in August. Pavel Durov, their CEO and founder, was arrested in France and several news channels, especially in Western media, had to inform their viewers who Durov is and especially what Telegram does and what it is used for.

These news reports harmed the price of Toncoin, the cryptocurrency of the social media platform Telegram, and it’s price fell below $5 for the first time in a few months. Last week, Toncoin briefly dropped out of CoinMarketCap’s top 10.

By now, it has regained that spot thanks to a bullish few days in which it rose from $4.50 (the low on September 7) to $5.50.

At the time of writing, Toncoin is trading for $5,54

Geolocation

The bullish move of the past few days comes after Pavel Durov gave several interviews and Telegram announced that it wanted to make minor adjustments to their platform in a clear concession to the authorities. From now on you can indicate whether content on Telegram is illegal and automatic geolocation will be disabled.

It also became known that the number of crypto wallet addresses owned by Toncoin increased sharply in the first week of September. Apparently, many crypto fans think purchasing Toncoin under $5 is a good deal.

Analysts claim support is to be found around the $4.86 level while a price ceiling appears to be set around $5.93.

If Durov were to be acquitted of the charges against him in France in the coming days or weeks, I expect a bullish move for Toncoin.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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