Toncoin (TON), the native cryptocurrency of The Open Network (TON), has skyrocketed in value, becoming the top-performing crypto among the top ten digital assets market cap. This surge in TON’s price comes as a result of a new partnership between the TON blockchain and Telegram.
As of press time, TON is trading at $2.43, representing a 3.46% increase, with a market cap of $8.35 billion. Over the last week, the TON price has experienced a staggering 45% growth.
The recent announcement of a partnership between Telegram and the TON Foundation has generated significant excitement among investors for Toncoin’s future. During the Token 2049 conference in Singapore, Telegram introduced a new self-custodial wallet called TON Space, which further boosted confidence in Toncoin’s potential. Pavel Durov, the creator of Telegram, publicly endorsed TON as the chosen blockchain network for expanding web3 infrastructure on the platform.
Telegram also shared its growth projections, anticipating a rise in its active user base from 800 million to 1.5 billion over the next 3 to 5 years.
Despite the prevailing bearish sentiment in the market, TON’s price has shown impressive resilience, maintaining a robust bullish momentum. If the price manages to surpass the $2.66 threshold, there is a notable potential for it to surge towards the $3 level. On the other hand, a dip below the $1.95 support could trigger a test of the subsequent support at $1.63.
TON operates on a sharded, proof-of-stake consensus mechanism, allowing for parallel transaction processing and enhancing transaction speed. It achieved a record transaction processing capability of 55,000 transactions per second in 2021.
Toncoin serves various functions within the TON network, including network operations, conducting transactions, and powering applications, games, and collectibles built on the TON ecosystem. Additionally, TON incorporates a wallet that enables commission-free cryptocurrency transfers to other Telegram users.
Toncoin adheres to a maximum supply of 5 billion TON tokens, with approximately 3.4 billion TON tokens currently in circulation. Validators are rewarded with TON for maintaining the network, and the Foundation has instituted an annual inflation rate of 0.6%.
Overall, the partnership between the TON blockchain and Telegram has sparked enthusiasm among investors and propelled Toncoin to the top of the digital asset rankings.
Sources:
– Token 2049 conference
– Pavel Durov’s official Telegram account
