Toncoin, the proprietary cryptocurrency token of The Open Network, has once again reclaimed its position among the top 10 cryptocurrencies based on market capitalization, marking a significant milestone in its journey.

Recent data sourced from CoinMarketCap reveals that Toncoin (TON) has surpassed Avalanche (AVAX) in terms of market capitalization, currently standing at an impressive $19 billion valuation as of the latest update.

Accompanying this surge in market capitalization, Toncoin has witnessed a substantial spike in trading volumes, soaring by an impressive 91% within the last 24 hours alone, with trading activities totaling a noteworthy $223 million.

Furthermore, Toncoin has demonstrated notable price appreciation, registering a 6.3% increase over the past 24 hours and attaining a price of $5.45 at the time of reporting. This upward trajectory has resulted in a remarkable 120% surge in the coin's price since the onset of the year, underscoring its robust performance in the cryptocurrency market.

Reflecting on Toncoin's market cap trajectory, it's noteworthy to recall the pivotal moment in September 2023 when TON outpaced Tron (TRX) following the rollout of a digital wallet on Telegram's widely utilized messaging platform. This strategic move was unveiled during the prestigious Token2049 conference held in Singapore, signaling Toncoin's burgeoning prominence.

Further bolstering Toncoin's ecosystem, Telegram Founder Pavel Durov announced in March a novel financial incentive scheme for channel owners leveraging the TON cryptocurrency. This innovative initiative allows Telegram users to procure advertisements using Toncoin, with channel proprietors entitled to receive a substantial 50% share of the advertising revenue. Withdrawals from this system are facilitated through the Fragment blockchain platform, adding a layer of efficiency and transparency to the process.

Moreover, March witnessed significant developments as Durov disclosed Telegram's preliminary valuation exceeding "$30 billion" in anticipation of a potential initial public offering (IPO). Concurrently, prominent cryptocurrency exchange Binance announced the introduction of perpetual futures contracts for Toncoin, a move that injected fresh momentum into TON's price trajectory and fueled investor enthusiasm.

Toncoin's recent achievements and strategic advancements underscore its growing significance within the cryptocurrency landscape, positioning it as a formidable contender among its peers.