Toncoin (TON) has surged past the $2 price level for the first time in nearly six months, emerging as one of the top performers among major cryptocurrencies. According to CoinGecko data, the token’s price increased 21.1% in the last 24 hours, with gains of 59.2% over the past week. This rally follows founder Pavel Durov’s announcement that network fees were reduced sixfold to nearly zero.
Toncoin (TON) has reclaimed the $2 price level after nearly six months, becoming one of the best-performing coins among the top 100 projects by market cap. According to CoinGecko data, TON’s price has risen by 21.1% in the last 24 hours, 59.2% in the last week, 52.3% in the 14-day charts, and 66.6% over the previous month.
The latest price surge follows a recent announcement by founder Pavel Durov that the project has reduced fees by six times. Durov stated that fees have been brought down to nearly zero.
In a tweet, Durov wrote, “Fees in TON have dropped 6× — to nearly zero. Next step — Telegram replaces the TON Foundation as the driving force behind TON and becomes its largest validator. The focus shifts to tech superiority.” The founder also announced new dev tools and performance upgrades for the network.
Toncoin climbed to a peak of $8.25 on June 15, 2024. The asset’s price is currently down by 74.5% since its 2024 peak.
While Toncoin’s rally brings relief, the larger cryptocurrency market is still far from recovered. Fresh volatility could bring unforeseen challenges, as Bitcoin (BTC) has reclaimed the $81,000 mark.
Tensions in the Middle East are flaring up again, and another market correction could occur. Moreover, interest rates are still high, which may keep investors away from high-risk assets like cryptocurrencies.
There is a chance the US will pass the highly anticipated Clarity Act later this month. The passing of the Clarity Act will bring more regulatory clarity to the budding industry, which could lead to a spike in investor sentiment.
