Monday, June 24, 2024

Toncoin (TON) Up 50%, Telegram Function Cranks Up Demand

by Jeremy

Toncoin (TON) is at present outperforming all different cryptocurrencies within the high 100 by market capitalization on a weekly foundation. With a value enhance of round 50% inside the final seven days, the token is the undisputed chief, adopted by Stacks (+16%) and Bitcoin SV (+14%).

Over the past 24 hours, Toncoin is writing a whopping 21% achieve. Whereas it was buying and selling at $1.86 on Sunday, the cryptocurrency was buying and selling for $2.86 at press time.

Within the final 24 hours alone, the buying and selling quantity has skyrocketed 83%, to $95.4 million. On the every day chart, TON is thus approaching its all-time excessive of $3.26.

Toncoin/USDT on OKX
Toncoin/USDT on OKX, 1-day chart. Supply: TradingView

A Cause For The Skyrocketing Worth Of Toncoin

The rationale for the current pump of the Toncoin may very well be a function of Telegram, which was introduced final week.

Pavel Durov himself, the founder and head of the favored messenger, launched a function for Telegram that enables customers to purchase an nameless telephone quantity with the token and create an account with it.

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On December 07, the Telegram Messenger crew launched the sale of digital numbers with the +888 prefix, which exist as collectible on the The Open Community blockchain.

Customers can log in to the Fragment platform with the TON blockchain-backed nameless numbers and revel in “final privateness.”

Fragment is a decentralized public sale platform based by Durov. It sells the nameless numbers appropriate solely with Telegram. Purchases are transacted on the platform utilizing The Open Community Telegram token.

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These numbers can then be used to talk fully anonymously, however to not name or register with third-party companies.

As well as, bought numbers might be saved in an everyday Toncoin pockets, transferred to different customers, and provided on the market on marketplaces, similar to some other NFT on the The Open Community blockchain.

+888 8 888 Is The Most Common Telegram Quantity

Some numbers are so widespread that they’re auctioned on Fragment for over $100,000. The most well-liked quantity is +888 8 888, for which 38,290 TON, the equal of about $103,000, are at present being bid.

The public sale runs for a little bit greater than six days.

The Open Community is the brainchild of the Telegram improvement crew, which was pressured to abandon the blockchain resolution attributable to stress from the U.S. Securities and Alternate Fee (SEC) in June 2020.

The SEC pressured Telegram to pay $1.2 billion in raised funds again to traders and pay an $18.5 million superb to settle the SEC fees.

Since then, the TON ecosystem has advanced as a standalone ecosystem and often integrates improvements into the Telegram messenger.

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