Toncoin Among Top 3 Altcoins Leading A Massive Weekly Rally

A few altcoins caught the eye of investors this past week with their massive price rallies. Of all the altcoins with bullish trends and market outlooks, Nervos Network (CKB), Popcat (POPCAT), and Telegram-based Toncoin (TON) stand out visibly.

The CKB, POPCAT, and TON Outlook

In the last seven days, CKB has gained a remarkable 77.5%. It has outperformed several other crypto assets amidst a broader crypto market downturn. TON also registered a 23.2% price increase, while POPCAT saw a 43.17% rally within the same period.

This price growth is commendable, especially compared to Bitcoin, which saw only a 10.21% surge at the same time.

There have been some fluctuations within the last 24 hours, but their key metrics generally display a bullish sentiment. As of writing, CKB’s price was trading for $0.01457, with a 12.56% surge. Similarly, POPCAT is up by 0.98% and trading at $0.7229 within the same time frame. In the first week of September, its price struggled to gain traction and sought a rebound.

The token consolidated in a tight range for the last four sessions and failed to cross crucial barriers. Its latest weekly rally suggests that the crypto is gradually improving. Toncoin went sideways earlier and has remained on the red line. It trades at $5.70, following a 1.6% drop from its previous level.

Telegram Founder’s Detention Affects Toncoin Price

Despite the TON price drop, the altcoin is still performing well compared to its levels a few weeks back. The recent launch of TADA, a Telegram Mini App with the TON Foundation, contributed to the coin’s price recovery from a low of $5.20.

On Thursday, TON price surged to $5.36, reflecting an increase of 3.04% that helped it trigger the massive rebound. Much of its recent price losses are attributed to the arrest and detention of Telegram founder Pavel Durov in France.

The news of his arrest significantly impacted investor confidence and caused TON to drop by 22% in one day. Durov has publicly called the charges against him misguided, but this has not contributed much to the cryptocurrency’s price recovery.

Future of CKB, POPCAT, and TON

In the meantime, CKB, POPCAT, and TON’s price gains are hardly commensurate with their trading volumes. While CKB’s market cap is about 11% up, its trading volume has dropped by more than 50%, suggesting that investors are selling their assets.

The project’s lack of popularity and traction may have triggered this negative sentiment. TON is one of the fastest-growing projects in the Telegram ecosystem, but its trading volume does not demonstrate this position.

Based on on-chain data, Toncoin trading volume is 22% down, while POPCAT is 16.29% down. TADA’s promotional campaign, scheduled between 14 and 18 September, may help increase the number of active app users and bring the next bout of price boost for TON.

Market analysts pointed out that the Durov arrest fueled a market downturn, which could keep TON under $7 for the next few months.

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