Telegram's Vision for TON Network Sparks Toncoin Rally
Toncoin's price has risen by 20% in the last week, climbing from $1.75 on September 9 to $1.95 on September 15, 2023.
Telegram, the renowned messaging platform, has made a resounding declaration of its commitment to utilizing the TON network as the foundational layer for its Web3 services. This announcement sparked an impressive 6.5% surge in the value of TON's native cryptocurrency, Toncoin, within just thirty minutes.
TON's Web3 Wallet Revolution
At the core of TON's appeal is its Web3 wallet, which has already garnered a sizable user base of 3 million Telegram users through an independent bot. The next step in this evolution is to seamlessly integrate this feature directly into the platform, potentially reaching a staggering 800 million users to explore the world of cryptocurrency.
Additionally, a bespoke version called TON Space is in development, catering to Telegram enthusiasts beyond the United States. All these developments are poised to materialize by November, as communicated by the TON Foundation.
John Hyman, Telegram's primary financial strategist, stressed the significance of providing their extensive user base with digital property rights. He emphasized that this move not only empowers users but also creates a substantial bridge between TON-related projects and Telegram's colossal audience, marking a pivotal collaboration between Web3 and Web2 platforms.
Telegram's Security & Regulatory Issues
Telegram's venture into blockchain dates back to 2018, but faced a setback in August 2020 due to a legal battle with the U.S. Securities and Exchange Commission. However, community leaders took charge, leading to the establishment of the TON Foundation the following year.
Despite this transition, the connection between TON and Telegram remained robust, with many key advancements occurring within the Telegram platform.
Toncoin Price Analysis
Toncoin's recent surge in price signals heightened momentum and interest in the Web3 space. Sustaining this trajectory could lead Toncoin to breach the coveted $3 mark in the near future. While the broader market sentiment remains somewhat bearish, Toncoin has managed to shine in the face of these conditions.
Toncoin's remarkable trading volume, surpassing its 20-day average, is a notable factor driving its price surge. This surge indicates growing interest and usage, resulting in improved market transparency and more efficient price formation.
As per CoinStats, Toncoin is currently trading at $2.19, up 12.46% in the last 24 hours, with a live market cap of $7.6 billion. It has a circulating supply volume of 5,094,048,836 TONNE coins and a maximum supply volume of 5,094,048,836 TONNE coins, with a 24-hour trading volume of $57M.
CoinStats
Conclusion
The introduction of TON Space, a dedicated cryptocurrency wallet for Telegram users, is a strategic move to expand Telegram's user base and further integrate TON into the mainstream.
In conclusion, Telegram's steadfast commitment to Web3 integration and the surge in Toncoin's value underscore the dynamic nature of the cryptocurrency landscape. As TON continues to make strides, it's poised to play a significant role in shaping the future of decentralized platforms and digital asset adoption.
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