Recently, Toncoin (TON), the cryptocurrency linked to The Open Network, has defied expectations, surging by over 18% in an unexpected development. This growth occurred even as the broader crypto market experienced a downturn, making TON’s performance all the more noteworthy. Additionally, recent updates enhancing its utility have likely contributed to this price increase.
Toncoin Shining Bright amid Utility Boom
According to the most recent figures from CoinMarketCap, TON is currently priced at $7.09, representing a 7.17% gain over the previous 24 hours. It’s worth mentioning that TON has surpassed Dogecoin (DOGE) and taken the 8th position among cryptocurrencies, with a market capitalization of $24.7 billion.
During this latest surge of interest, the community believes that the first meaningful application of TON will be unveiled to Telegram’s user base of 900 million on April 19.
Making crypto – actually – useful! 🔥
What will @durov, CEO & Founder of @telegram, unveil at #token2049dubai this Friday? 👀
Prepare yourself for the initial significant application of cryptocurrency that carries real value. Accessible to the massive community of 900 million monthly active Telegram users.
We’re on the brink of something…
— TON 💎 (@ton_blockchain) April 15, 2024
The TON Foundation announced a new collaboration with Hashkey Group to boost the usage of their cryptocurrency in Asia, marking another promising advancement for the project.
Based on Coinspeaker’s announcement, Hashkey and the TON Foundation are working together to expand the use of cryptocurrencies and Web3 projects. Through this collaboration, users will be able to easily access fiat currencies via Telegram’s on and off-ramping services. This partnership, along with Durov’s recent announcement, appears to be a significant factor in the surge of TON’s price.
A potential reason for TON‘s significant growth is speculation about Telegram’s upcoming initial public offering (IPO). In March, Durov announced that Telegram had received investment offers worth more than $30 billion. However, Durov expressed a preference for conducting an IPO directly rather than accepting these offers.
At the upcoming TOKEN2049 event in Dubai, Durov and Paolo Ardoino from Tether are set to announce the integration of USDT into the TON Blockchain. This long-awaited development is expected to bring numerous benefits to the TON project once implemented.
Toncoin’s Journey to Surpass XRP
The surge in Toncoin’s value within the crypto market is a testament to its tenacity and ability to bounce back. Originally created by Telegram, this cryptocurrency was later passed on to the open-source community due to regulatory issues.
Significantly, Toncoin aspires to outdo Ripple‘s XRP in the future. This goal is within reach for Toncoin since it recently overshadowed Dogecoin. Toncoin’s progress has seen a weekly increase of 22.4%, while Dogecoin experienced a weekly decrease of 21%.
Based on the present market situation, Toncoin’s market capitalization is roughly $24.5 billion less than XRP‘s market cap of $28.5 billion. If Toncoin maintains its current upward trend, it may surpass or even match XRP’s valuation in the near future.
since the new year began, Toncoin has experienced a remarkable surge in value. The coin’s Year-to-Date (YTD) growth now reaches an impressive 201.85%, outpacing Bitcoin‘s own YTD gain of 116.7%. Fueled by Toncoin’s outstanding performance, investment firm Mirana Ventures recently purchased $8 million worth of the coin from secondary markets. The backing of major investors provides a significant push for Toncoin as it continues its growth journey.
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2024-04-15 17:17