- Amid the recent rally, Toncoin (TON) has become the ninth-largest cryptocurrency by market cap leaving behind Solana.
- The TON price surge comes as messaging app Telegram announces integration with The Open Network.
Toncoin (TON), the native cryptocurrency of The Open Network, has been on an unprecedented rally with the TON price rallying by nearly 90% in just 30 days. This significant upswing has been attributed to the TON Foundation’s recent initiative to integrate the TON coin within the Telegram social messaging app.
Predictably, this integration news has had a noticeable impact on the number of active TON holders utilizing Ethereum. Data from the blockchain analytics platform IntoTheBlock indicates that the count of active TON addresses has grown sevenfold, surpassing the 300 mark for the first time since December.
The price of $TON has made a significant recovery in the last month. This increase has also resulted in a 7x+ increase in active $TON addresses on the Ethereum network. @ton_blockchain pic.twitter.com/7hfE29HfUt
— IntoTheBlock (@intotheblock) September 19, 2023
Further examination of on-chain data also reveals a surge in the volume of tokens transferred during this same period. On September 16, a staggering 1.2 million TON tokens, valued at approximately $3 million, were transferred – marking the highest such figure recorded on Ethereum since December.
It’s worth noting that while TON operates as an independent blockchain, TON Coin on Ethereum exists in a wrapped form, allowing it to be transferred across various wallets and traded on decentralized exchanges (DEXs). As a result of the Telegram news, DEXs like Uniswap and Pancakeswap have both witnessed an uptick in TON trading volume.
Telegram Plans to Integrate TON Into Its Messaging Platform
TON’s recent impressive performance within the broader cryptocurrency market can be attributed to investors speculating on the potential value of its full integration with Telegram.
Recently, the TON Foundation unveiled ambitious plans to deeply integrate its blockchain with the popular social messaging app, Telegram. Currently, Telegram boasts a user base of 800 million active monthly users.
The TON Foundation’s initiative includes the launch of TON Space, a self-custodial wallet integrated directly into the Telegram app. This innovative wallet empowers users to access all their digital assets within the social app, as well as interact with mini apps.
For instance, users can now engage with platforms like Fragment, a novel marketplace facilitating the trading and auctions of Telegram usernames. Impressively, Fragment has already amassed $120 million in trading volume, according to information provided by the TON Foundation.
The integration of the TON Network with Telegram isn’t an entirely unexpected development. The blockchain’s connection with the social media giant dates back several years. In 2018, Paul Dirov and Nikolai Durov, the developers behind Telegram, initiated the Open Network (TON) project. However, this project faced regulatory challenges from the United States Securities and Exchange Commission (SEC).
Following the founders’ decision to discontinue the project, an independent group of developers took the reins through the TON Foundation. Despite the founders’ disassociation from the endeavor, this community of independent developers has continued to advance and enhance the project.
Recently, multichain NFT infrastructure provider NFTScan also announced the launch of TON NFTScan, a specialized NFT explorer designed to offer TON ecosystem users a concise and efficient means of searching and querying NFT data.
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