Toncoin, the native token of The Open Network, experienced a rally on Monday after receiving a fresh endorsement from the popular messaging platform Telegram. Last week, Telegram and the TON Foundation announced the launch of TON Space, a new self-custodial wallet, at the Token 2049 conference in Singapore. This announcement has investors excited about Toncoin’s future prospects.
In addition to the wallet launch, Pavel Durov, the creator of Telegram, publicly endorsed TON as the preferred blockchain network for expanding web3 infrastructure on the platform. Durov stated that TON Wallet will be included in the settings and attachment menus of all Telegram users outside the U.S. and select other countries starting in November.
The endorsement from Telegram provides a significant boost to Toncoin’s value. CoinGecko reported a 6.2% increase in Toncoin’s price over the past 24 hours, reaching $2.43. This represents a 45% increase in value over the past week.
Another factor influencing the market is the upcoming meeting of the Federal Open Market Committee (FOMC). Analysts expect that the Federal Reserve will maintain its current interest rates of 5.25%-5.5% without any changes. Speculation about the FOMC decision has investors eagerly awaiting the outcome.
Hernan Yellati, Head of Global Macro Research at CTF Capital, emphasized the importance of the FOMC statement and its tone. Depending on the communicated tone, it could have either a negative or positive impact on crypto asset prices. A hawkish tone may be perceived negatively, whereas a neutral tone could signal the end of the hiking cycle and positively impact crypto asset prices.
As these events unfold, the world’s largest digital asset market capitalization, Bitcoin, has experienced a bounce back. Bitcoin’s price increased 2.6% over the past day, reaching $27,217.
This article is for informational purposes only and does not provide legal, tax, investment, financial, or other advice.
– The Block (2023)