Toncoin (TON) gained bullish momentum over the past week as positivity around the asset grows strong.
TON registered 8.7% gains in the past 24 hours and is trading at $2.63 at the time of writing. The asset’s market cap surpassed the $9 billion mark with the recent surge, marking an 11-month high.
The surge comes after Telegram founder Pavel Durov announced the giveaway of 10,000 premium subscriptions to his messenger app. According to his post, Durov purchased the premium accounts for TON coins worth roughly $200,000.
On Nov. 3, the Dubai Financial Services Authority approved using TON and XRP in the regulator’s region.
Consequently, the positive sentiment around TON has triggered a strong “buy” signal. According to data provided by the market intelligence platform Santiment, Toncoin’s price-daily active addresses (DAA) divergence currently stands at 334% as the number of active wallets grew more than the asset’s price.
Per Santiment, TON’s total open interest (OI) has reached $10.4 million, marking a 1,000% rise over the past month — Toncoin’s total OI stood at around $946,000 on Oct. 8.
Following the bullish momentum, TON’s social volume registered an 11.5% hike on X (formerly Twitter), Telegram, Reddit, and 4chan, according to the market intelligence platform.