The Open Network (TON), a Layer-1 blockchain platform designed to streamline cryptocurrency transactions through Telegram, has seen an impressive 32% surge in the price of its native token, Toncoin (TON), over the past week. The surge was driven by the announcement of a partnership with Telegram, the popular messaging app with over 800 million users.
As revealed in a press release on X, Telegram has seamlessly integrated a TON-based crypto wallet into its ecosystem. This wallet promises to support the entire array of tokens linked to the Toncoin network, including TON Crystal, TON Cash, and TON Stablecoins.
What's more, Telegram users can now effortlessly send and receive cryptocurrency payments within the app itself while also gaining access to a multitude of decentralized applications (DApps) built on Toncoin.
What Does This Mean for Toncoin?
The implications of this partnership are profound. It not only promises to catapult Toncoin's adoption and visibility but also delivers a highly practical and easy way for Telegram users to explore and participate in the Web3 economy.
Celebrating the high-profile partnership, Steve Yun, President of TON Foundation, and John Hyman, CIO at Telegram, unveiled their ambitious vision to drive widespread adoption of Web3 technologies. They presented this vision during a session titled "Transforming Telegram to Web3 with Toncoin" at Token2049 Singapore.
A Tumultuous History
Toncoin's journey to its current state has been far from smooth. Originally developed by Telegram's own team, it had to separate from the messaging giant due to regulatory conflicts with the U.S. Securities and Exchange Commission (SEC).
The SEC contended that Toncoin's colossal $1.7 billion initial coin offering (ICO) in 2018 constituted an unregistered securities sale, subsequently filing a lawsuit against Telegram. The legal saga finally concluded in June 2020, with Telegram agreeing to reimburse investors to the tune of $1.2 billion and paying an $18.5 million fine. However, Toncoin was undeterred by this setback and continued to thrive as an independent project, garnering support from a robust community of developers and enthusiasts.
At its core, Toncoin prides itself on delivering a blockchain network that is efficient, scalable, and secure, boasting the capability to process millions of transactions per second. Furthermore, it supports a thriving ecosystem of DApps spanning DeFi protocols, NFT marketplaces, gaming hubs, and social networks.
Crucially, Toncoin's association with Telegram persists, underscoring their enduring relationship. The broader crypto community on Telegram is also celebrating this monumental wallet integration.
In fact, crypto influencer CrypTina shared that a new token mixer bot ‘Tonbler‘ was already available on Telegram for users who value their privacy. Ammer Group, a prominent payment infrastructure provider, stated that the firm introduced support for TON across its payment infrastructure.
As more products and integrations pop up, the effects of the partnership between TON and Telegram will continue to extend. It's set to significantly boost Toncoin's adoption rate, elevate its visibility, and inject liquidity into the broader ecosystem. As Toncoin continues to evolve and integrate with Telegram, its future in the crypto space looks increasingly promising.
TON to $3?
As mentioned earlier, the recent integration with Telegram has triggered a notable price reaction for TON. At the time of this report, the cryptocurrency had experienced a roughly 5% decrease in the past 24 hours, following a series of recent explosive gains.
Starting at just $1.71, TON recorded a five-day consecutive bull run, culminating at a six-month peak of $2.55 last week, a whopping 55% surge in total. However, the cryptocurrency quickly surrendered some of those gains and currently trades at $2.28 as traders prepare for what this week might bring. That said, many analysts expect TON to regain its momentum this week and challenge (and very possibly break) the $3 mark.
Already, the meteoric rise of TON has catapulted it to the number nine spot in the top crypto ranking, ahead of crypto heavyweights like Solana (SOL), Tron (TRX), Polkadot (DOT), Polygon (MATIC), and Litecoin (LTC).
TON Statistics Data
TON Current Price: $2.28
TON Market Cap: $7.8B
TON Circulating Supply: 3.4B
TON Total Supply: 5B
TON Market Ranking: #9
This article should not be taken as financial advice. It is essential to conduct research before making any investment decisions.