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- Toncoin (TON) is showing resilience amidst wider market turbulence driven by the growth of Telegram worldwide.
- The Toncoin network continues to record impressive growth, with a 96.56% increase in June.
Toncoin (TON) continues to lead the crypto market, defying the market downturn recorded by large-cap cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). The Telegram-backed altcoin has impressed for the better part of the year, leading to its rise into the top ten ranked coins in the market.
While most large-cap coins posted losses on the week, TON defied the bearish pressure and posted substantial gains. At the time of writing, TON is exchanging hands for $7.44 after a 7.4% weekly gain.
These gains are, in part, owed to its network growth. Recent data from DefiLlama shows that the network’s total volume locked (TVL) recorded a 96.56% surge in June to reach $646.5 million. This highlights great adoption and increased demand for the token. Continued growth in TVL sets the altcoin up for more gains in the long term.
Additionally, the altcoin has seen its popularity bolstered by its association with Telegram. Through an exclusive partnership, Telegram uses TON to empower users with digital ownership. Last year, Telegram endorsed the project, saying the blockchain and its token would be its “official Web3 infrastructure.”
Based on the growing popularity of Telegram, TON has continued to enjoy surging adoption. As of March, Telegram boasts 900 million monthly users who are now exposed to the TON ecosystem.
Furthermore, TON has recently strengthened its partnership with Tether and expounds on adopting the stablecoin USDT within the TON ecosystem.
Substantial investment has also been made in the ecosystem, with Pantera Capital Managing making the largest investment in its history in TON. The firm’s managing partner stated in an X post, ” We believe TON can introduce crypto to the masses because it is used extensively within the Telegram network.”
Pantera recently made the largest investment in its history in #TON.
TON is a Layer 1 network originally designed by Telegram and continued by the open source community. We believe TON has the capacity to introduce crypto to the masses because it is used extensively within the…
— Dan Morehead (@dan_pantera) June 24, 2024
Toncoin (TON) Faces Security Concerns
However, security experts have raised concerns over Toncoin’s security. As Crypto News Flash has reported, Yu Xian, founder of blockchain security firm SlowMist, has raised concerns about the growing tendency of phishing activities targeting the TON ecosystem. Security experts warn that the platform’s open nature and the popularity of certain features create vulnerabilities that scammers exploit.
These attacks aim to steal users’ TON wallets, which hold cryptocurrencies and other digital assets built on the TON blockchain. Telegram users are encouraged to enable independent passwords, such as Two-Step Verification.
Despite hitting its all-time high of $8.25 a little over a week ago, investors and market experts remain confident of a new high in the coming weeks. The next key target for bulls after confirming the restest of the $8 position will be $10 before aiming higher.
