Toncoin, a cryptocurrency originally developed by Telegram and later turned over to the open-source community, is nearing the market capitalization of Dogecoin. Recently, Toncoin's value spiked by 7.31% in one day, pushing its market cap to approximately $25 billion—just $2 billion behind Dogecoin's $27.6 billion. The surge included a peak price of $8.80, marking an all-time high on Bitfinex, before adjusting to $7.10. Over the last 24 hours, the price increased by 8%, with a 40% rise over the past week and a significant 125% in the past month.

The boost in Toncoin's market performance is partly attributed to rumors of Telegram's potential IPO, stirring significant interest in the crypto community. Additionally, the popularity of the Notcoin game within the TON ecosystem has encouraged more user engagement, further elevating Toncoin's profile. Despite its strong bullish indicators, technical analysis suggests that Toncoin might be approaching a bearish correction due to an overbought Relative Strength Index and a high Average Directional Index, indicating a strong price trend.

As Toncoin ventures into new price territory, any corrections might see it stabilize around $6, a level supported by its 10-day moving average. Toncoin has recently overtaken Cardano in market cap but still faces potential volatility from external influences such as influential endorsements or comments in favor of Dogecoin.

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