As a researcher with a background in crypto markets, I find the recent developments surrounding Toncoin (TON) and its connection to Telegram intriguing. Having closely followed the market trends, I’ve noticed the 6.5% price surge over the past few days, which marks a new all-time high for TON at $7.65 with a market cap of $18.6 billion.
As a cryptocurrency analyst, I’ve noticed an intriguing development in the world of Layer-1 digital currencies: Toncoin (TON), which is associated with Telegram, has experienced a significant surge, defying the broader market consolidation. At this moment, the Toncoin price hovers around $7.65, marking a new peak in its price history and boasting a market capitalization of a staggering $18.6 billion. The trading volumes have also reached impressive heights, surpassing $354 million.
Telegram Announces New In-app Currency Linked to Toncoin
On Thursday, June 6, Telegram’s CEO, Pavel Durov, unveiled a new in-app digital currency for simplified buying of digital products and services across all mini-apps on Telegram. This currency operates within a cryptocurrency-supported ecosystem.
Within Telegram, users have the option to acquire our in-app currency, Stars, using real money via in-app purchases on iOS and Android devices, or directly through Telegram itself. Once obtained, Stars can be utilized to purchase digital goods within mini apps residing on Telegram, such as Notcoin and Hamster Kombat, which will eventually be accessible on the messaging platform. In the official blog post, Telegram mentioned:
“The bot and mini app platform on Telegram offers swift and convenient payment solutions for digital merchandise and services, enabling novel businesses to access a customer base of approximately 900 million users.”
Pavel Durov made an announcement: Developers on Telegram will soon have the option to cash out their Stars, which is the currency used within Telegram’s ecosystem, into Toncoin (TON) through Fragment, the platform for buying and selling in-app usernames and ads on Telegram.
As a researcher studying the TON blockchain platform, I can share that developers and vendors will be granted the flexibility to convert their TON tokens into other popular cryptocurrencies, such as USDT (the world’s leading stablecoin), through the Wallet bot available on Telegram. This feature allows for seamless and convenient transactions between different digital currencies within the Telegram messaging app.
TON Whale Activity, Will the Price Rally Continue?
The recent surge in Toncoin’s price can be attributed to a significant increase in whale activity for this altcoin. As reported by market analyst Ali Martinez this week, there was a notable uptick of approximately 237% in whale transactions within a day. Moreover, Martinez’s data reveals that daily Toncoin whale transactions rose from a minimal five in the previous week to a substantial 27 as of June 3.
Experts anticipate that Toncoin’s price could reach $10 if Bitcoin and the larger cryptocurrency market experience a resurgence this year.
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2024-06-07 10:05