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- Telegram’s Toncoin has made a 42 percent surge in the last seven days to become the 9th largest crypto by market cap.
- Analysts have linked this incredible run to the recent reports of crypto wallet integration to the Telegram platform.
Toncoin (TON), the native currency for Telegram services made a huge surge this weekend to announce its presence in the top 10 ranking of largest cryptos by market cap. In the last seven days, Toncoin has surged by 42 percent according to market data.
This pushes its 30-day and 90-day surge to 83 percent and 76 percent respectively. Its 24-hour performance is, however, negative as the price declines by 1.4 percent. The current price has been linked to the integration of crypto wallet into the Telegram Messenger. This integration means that more than 800 million users can now send and receive Toncoin directly from their chats.
It is important to note that the wallet development faced several challenges before reaching this point. Initially, the project was suspended due to regulatory pressure from the US regulators. In 2020, Telegram was accused of offering unregistered security, forcing them to withdraw from the TON project. The company agreed on a $18.5 million fine as part of the settlement and also promised to return the unsent amounts to investors.
More on the Journey of Toncoin
Later, the crypto community decided to create a foundation to promote this project. The wallet announcement received an interesting response as several people wanted to sign up to get free Toncoin. This triggered an outage.
Looks like our announcement created quite the storm! Wallet_tg is currently experiencing some server issues and is down with 1000s of people onboarding to the Wallet every second. Please pause claims on the QR for now. We’ll let you know when wallet_tg is back online.
On top of the free tokens available to users, the Ton network is said to provide several benefits including low transaction fees, fast payment, and high security without leaving the chat interface. In addition to that, users would be able to join channels or create groups that support TON payments. They can equally engage in other Decentralized Applications (dApps) that run on the TON blockchain.
The asset is currently trading at $2.4. According to analysts, it could soon hit $3 when it sustains its steady ascent. Its sharp surge certainly indicates that there is an increased demand and a rising momentum. Regardless, the market sentiment is generally bearish as well as general consolidation within a constraint price range.
The price surge is also linked to its 24-hour trading volume which is currently around $46,318,588, surpassing its 20-day average volume of $19 million. For now, analysts anticipate fluctuation in the asset’s value in the short to medium term. However, the current momentum could cause the upward surge to continue. Toncoin currently has a market cap of $8,312,259,823.
On September 14, the Toncoin Foundation and Telegram made a joint announcement of the TON Space. By 2028, 30 percent of its users are expected to be added to their platform.
