Toncoin (TON) has been doing surprisingly well considering that many other ecosystems are struggling to stay afloat following the FTX drama. According to the crypto market tracking website CoinMarketCap, TON is currently trading hands at $1.77 after a 2.80% increase in price over the last 24 hours. The altcoin is also in the green by more than 12% over the last seven days.
Toncoin / TetherUS 1D Source: CoinMarketCap
In addition to this, TON was able to strengthen against the two biggest cryptocurrencies in the market, Bitcoin (BTC) and Ethereum (ETH) by about 1.80% and 1.87% respectively. Also in the green is TON’s 24-hour trading volume which is currently standing at $12,007,358 after a more than 26% increase.
With its market cap of $2,160,507,739, TON is currently the 26th biggest cryptocurrency in terms of market capitalization. This places TON right behind Stellar (XLM) in the 25th position and in front of Bitcoin Cash (BCH) in the 27th position.
It seems like the main reason for TON’s success over the last few days was its username auction. Despite only launching this week, the auction has seen enormous trading volume. On November 27, an unknown user purchased the username of the meme coin “Dogecoin” for about 350,000 TON, which amounts to roughly $546,000. Topping the list is the username @auto, which a user bought for 900,000 TON. This is worth approximately $1.43 million.
In addition to this, the popular market maker DWF Labs has entered into a partnership with TON blockchain. This new deal will see the open-source protocol getting support in the form of investments, token and market development, and exchange listing. DWF Labs’ involvement is anticipated to further boost TON’s volume across supporting platforms.
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Source: Cryptocurrency - investing.com
