Telegram has integrated wallet functionality for Toncoin (TON), sparking the TON price above 14%.
The Toncoin (TON) protocol has taken the cryptocurrency market by storm, catapulting over 14% to $1.92, marking a significant spike in this month's performance. Toncoin, a prominent midcap blockchain, is distinguishing itself with strategic expansion moves.
The bullish surge can be attributed to Telegram's recent integration of a TON-based crypto wallet within their platform. The Open Network Foundation announced this integration, allowing Telegram users to access TON-based wallets through their settings.
With this update, all 800 million active Telegram users gain entry to the TON Space and can seamlessly engage in transactions, including buying and selling of cryptocurrency, through the Telegram Wallet Bot.
This development amplifies the accessibility of the TON ecosystem, potentially solidifying its position in the blockchain landscape.
Telegram's foray into self-custodial wallets on The Open Network (TON) blockchain has generated excitement but also raised concerns. CertiK, a renowned blockchain security firm, issued a warning regarding the use of Telegram bot tokens.
In a cautionary message, CertiK revealed alarming findings, suggesting that over 40% of Telegram bot tokens might be associated with potential exit scams. This advisory comes amidst a surge in interest surrounding Telegram's new self-custodial wallet.
The popularity of these tokens, which connect to decentralized exchanges and autonomously execute transactions based on predetermined rules, has seen a meteoric rise since July 20, with gains exceeding 1,000%. CertiK attributes this surge to the initial success of UNIBOT.
UNIBOT's listing day witnessed an astounding surge of nearly 1,300%, reaching an all-time high of $90. Presently, the token's value rests at $76, according to CoinGecko data. This remarkable performance has amplified the overall demand and interest in similar assets.
Telegram's integration of TON-based wallets not only boosts Toncoin's market presence but also highlights the potential risks associated with Telegram bot tokens. While Toncoin rides the wave of integration success, CertiK's warning urges caution in the volatile world of cryptocurrency.
As per CoinStats, Toncoin is currently trading at $1.95, up 4.83% in the last 24 hours, with a market worth of $6.7 billion. It has a circulating supply volume of 5,093,983,701 TON coins and a maximum supply volume of 5,093,983,701 TON coins, with a 24-hour trading volume of $30M.
In conclusion, Toncoin's surge, driven by Telegram integration, showcases the power of strategic partnerships in the blockchain space. Meanwhile, CertiK's advisory sheds light on potential risks associated with Telegram bot tokens, emphasizing the need for upgradation in the crypto market.