Key Insights:

• Toncoin jumps over 20%, reclaiming its spot as the 9th-largest cryptocurrency by market capitalization.
• Short-term holders see profits as Toncoin’s MVRV ratio turns positive, now at 6.2%.
• Binance Launchpool boosts Toncoin’s adoption with two new Telegram-based tap-to-earn games.

Toncoin (TON), the crypto native to The Open Network, has witnessed a significant resurgence over the past week. This recent price action has also propelled Toncoin back into the top ten cryptocurrencies by market capitalization, providing some relief to short-term holders who are now seeing profits.

Toncoin Rebounds from Steep Decline

Following a sharp depreciation of over 30% between August 24 and September 6, Toncoin began showing signs of recovery. As of September 13, the asset’s price reached $5.77, marking its highest point in nearly three weeks. Although Toncoin has not fully regained its previous highs, this recent surge signals a strong recovery trend.

At press time, Toncoin was trading at $5.70, with a 24-hour trading volume of $260.7 million. This reflects a slight 0.92% decline in the last 24 hours, but the token remains up 21.17% over the past week. 

The altcoin’s total circulating supply stands at 2.5 billion TON, giving it a market capitalization of approximately $14.45 billion. This recovery in both price and market cap has allowed Toncoin to re-enter the top ten cryptocurrencies by market cap, and it is now ranked ninth overall.

Technical Indicators and Market Sentiment

An analysis of Toncoin’s price trend shows that it has flipped bullish, with its Relative Strength Index (RSI) moving above the neutral 50 line. The upward trend in the RSI indicates increasing buying pressure in the market, which may push the price higher in the coming days. As buyer interest grows, it supports the idea that Toncoin’s recovery is gaining momentum, further strengthening its position in the market.

Toncoin’s market capitalization had dropped significantly during its late-August downturn, plummeting from around $17 billion to $11.5 billion by early September. This drop caused the asset to fall out of the top ten cryptocurrencies by market cap. 

However, with its recent price gains, Toncoin’s market cap has rebounded to $14.45 billion, helping it reclaim its position as one of the market’s largest assets.

Toncoin Holders See Positive Returns

One key metric reflecting Toncoin’s positive price movement is the Market Value to Realized Value (MVRV) ratio. During Toncoin’s price decline, the MVRV ratio dropped into negative territory, indicating that holders saw average losses of over 18%. 

Source: Santiment

However, following Toncoin’s recovery, the MVRV has turned positive, currently standing at around 6.2%. This indicates that holders are now, on average, in profit by 6.2%, suggesting that the recent price surge has brought relief to many investors.

In addition to strong buying pressure, Toncoin has recorded the highest gains among top cryptocurrencies over the last week. Its 21% increase stands out in the broader crypto market, making Toncoin one of the most notable performers in recent days. This increase in value has been bolstered by a favorable shift in market sentiment and the asset’s growing visibility among investors.

Binance Launchpool and Increased Adoption

Toncoin’s recent price resurgence can also be linked to its growing ecosystem and increased adoption, particularly through its integration with the messaging app Telegram. Binance, the world’s largest crypto exchange by volume, recently announced the launch of two new tap-to-earn games on its platform—HamsterCombat (HMSTR) and Catizen (CATI)—both of which are built on Telegram and use Toncoin’s blockchain infrastructure.

On September 12, Binance introduced HamsterCombat as its 58th Launchpool project, followed by Catizen as its 59th project. These announcements are expected to boost Toncoin’s adoption as more users engage with Telegram-based games. Binance’s decision to support these projects is likely to drive more users to the TON blockchain, leveraging its connection with the widely used Telegram platform.