A breakthrough into the top 10. Toncoin (TON), the cryptocurrency associated with Telegram, has just experienced an absolute record. Its capitalization exceeds that of Cardano (ADA), to become the 10th largest in the cryptocurrency sector. How to explain it?
Toncoin (TON) up sharply this week
While the cryptocurrency market seems to have entered a consolidation phase, some altcoins are still managing to do well. This is the case for Toncoin (TON), which saw its price increase by 33.5% over the week.. For comparison, Bitcoin (BTC) only increased by 4.9% over the same period.
The price of TON is progressing significantly this week
👉 To learn more – The Open Network (TON), the blockchain designed for the Telegram application
TON hit an all-time high yesterday, trading for $7.11. At the time of writing these lines, the cryptocurrency displays a capitalization of 23.4 billion dollars. This is enough to overtake Cardano’s ADA, and push the latter out of the top 10. TON is preceded by Dogecoin (DOGE), which currently has a capitalization of $27.4 billion.
Buy cryptos on eToroHow can we explain this renewed interest in TON?
The history of TON is winding. The blockchain on which it exists, the Ton Open Network, was originally maintained by Telegram. But numerous legal setbacks later, the messaging service had to cut ties with its cryptocurrency. Reinstated in 2022, However, this is once again at the heart of Telegram’s development strategy..
Several factors appear to be behind this recent increase. On the one hand, Telegram announced a little over a month ago that Telegram channels would now receive 50% of advertising revenue in TON, which led to an initial increase.
Moreover, Telegram CEO confirmed several blockchain initiatives are on the menu for the messaging app. The company wants to offer a hub where decentralized wallets, DEXs and other means of managing digital assets will be available.
A new decentralized identity service under development
This very recent increase, however, seems to have been triggered by an initiative of the TON Society. The developer community announced two days ago a “proof of humanity” project, based on palm scans. The initiative, which is of course reminiscent of Worldcoin (WLD), is developed in partnership with HumanCode.
👉 Also in the news – Worldcoin (WLD): Iris scans can now be removed upon request
TON Foundation Growth Manager Ekin Tuna confirmed that this project aimed to attract new users to Telegram :
“A scalable, private and decentralized identity will help welcome the first billion users to the Web3 ecosystem, in Telegram.»
The orientation of a large messaging service like Telegram towards blockchain is anything but trivial. And the rise in the price of Toncoin shows that investors intend to support the company’s Web3 initiatives.
Cryptoast Research: Don’t waste this bull run, surround yourself with expertsSource: TradingView
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Journalist at Cryptoast, I have been immersed in cryptocurrencies since 2017. I am passionate about the issues of decentralization, privacy, and the global impact of these new technologies.
Marine Debelloir
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