Telcoin (TEL) hit an all-time high of $0.0037 Wednesday late night, with the cryptocurrency adding over 80% in a 24-hour period at press time.
What Happened: TEL is the coin associated with a project whose main focus is the remittance market. The cryptocurrency traded 81.37% higher at $0.033 at press time and has shot up 405.14% in a seven-day trailing period.
TEL has a market capitalization of $1.75 billion. The apex cryptocurrency by market cap, Bitcoin (BTC), traded 4.49% higher at $56,932.76 at press time.
Since the year began, TEL has skyrocketed 18,639.35%. These gains best even Dogecoin’s (DOGE) 13,132.58% appreciation in the same period. DOGE traded 8.04% lower at $0.61.
The current price boost may be related to the listing on the QuickSwap decentralized exchange, which operates on Polygon (MATIC) — a layer 2 protocol resident on the Ethereum (ETH) blockchain at the end of last month.
A vibrant #Telcoin marketplace has erupted on Quickswap Exchange @QuickswapDEX, a @0xPolygon-native AMM powered by magical Dragonites. Read here to learn more! https://t.co/MqkLzUVcFQ #Telcoin #userownership #payyourself #DEX $TEL $QUICK $MATIC $ETH #DeFi #Ethereum pic.twitter.com/O3w8qiWuCI— Telcoin (@telcoin_team) April 30, 2021
Why It Matters: The lower fee on the Polygon network and attractive yield opportunities for liquidity providers on QuickSwap were cited as possible factors for the surge in trading volumes for TEL in a Cointelegraph report.
TEL’s 24-hour volumes rose 147.51%. On Thursday volumes stood at $118.09 million, while on Wednesday they were $47.71 million, according to CoinMarketCap data.
Meanwhile, MATIC soared recently, buoyed by a boost in the prices of Decentralized Finance or DeFi cryptocurrencies.
See also: How to Buy Polygon (MATIC)
MATIC has soared 4,324.3% since the year began. The coin traded 10.06% higher at $0.79 at press time. ETH traded 5.49% higher at $3,455.39 at press time.
What Else: Tel launched remittances between Canada and the Phillippines in February, according to a Twitter post dated Feb. 5.