Toncoin (TON) Hits 11-Month High
Toncoin (TON) has recently achieved its highest price level in nearly a year, becoming the 10th largest cryptocurrency with a market capitalization exceeding $9 billion. The surge is attributed to the introduction of the “Giveaways” feature on Telegram, where Telegram CEO Pavel Durov used $200,000 worth of TON tokens to pay for Telegram Premium subscriptions for 10,000 users, showcasing TON’s utility as a payment method. The cryptocurrency’s price has rallied by 19.5% since the Giveaways launch, and strategic partnerships, such as the one with Blockchain.com and approval in the Dubai International Financial Centre free trade zone, further bolster its prospects for growth.
Telegram’s Giveaways Feature Sparks Excitement
On 6 November 2023, Telegram unveiled its eagerly awaited “Giveaways” feature, a move that has ignited excitement among cryptocurrency enthusiasts. This innovative feature allows channel owners on the messaging platform to randomly distribute prizes to their followers, fostering engagement and interaction within the Telegram community. Pavel Durov, the visionary CEO of Telegram, wasted no time in demonstrating his commitment to the TON ecosystem.
TON Tokens as a Payment Method
Durov’s purchase of Telegram Premium subscriptions with TON tokens underscored the growing utility and versatility of the cryptocurrency. It demonstrated that TON can be seamlessly used as a payment method within the Telegram platform, opening up a myriad of possibilities for the future integration of blockchain technology into the everyday lives of Telegram’s 700 million monthly active users.
Price Rally and Increased Trading Volumes
Since the introduction of the Giveaways feature and Pavel Durov’s TON token purchase, TON’s price has experienced a remarkable rally, surging by 19.5%. This surge is further substantiated by a notable increase in trading volumes, signaling strong interest and confidence in the cryptocurrency. Yesterday, TON had reached a price of $2.71, marking its highest level in 11 months. Telegram’s Integral Role in Toncoin’s Success
Strategic Partnerships and Regulatory Approvals
Toncoin’s recent partnership with Blockchain.com has bolstered its standing in the cryptocurrency industry. This strategic alliance opens doors to further adoption and integration within the broader blockchain ecosystem, potentially expanding Toncoin’s use cases and utility. Additionally, Toncoin’s approval for trading in the Dubai International Financial Centre (DIFC) free trade zone has served as a bullish indicator for traders.
Toncoin (TON) Surges as Telegram’s Abandoned Project Finds New Life and Achieves Record Transaction Speeds
TON’s resurgence comes after a tumultuous history that saw the project initially introduced by Telegram in 2018, only to be abandoned due to a legal battle with the U.S. Securities and Exchange Commission (SEC). Now, under the stewardship of the TON Foundation, Toncoin is making waves with innovative features and record-breaking transaction speeds.
Telegram’s Ambitious Vision and SEC Legal Battle
Toncoin, a blockchain system founded on the proof-of-stake model, was unveiled by Telegram in 2018 with grand ambitions. However, Telegram’s $1.7 billion initial coin offering (ICO) that year ran into regulatory trouble when the SEC alleged that it violated securities regulations. Faced with legal challenges, Telegram reluctantly abandoned the project, leaving many in the cryptocurrency community wondering about its fate.
TON Foundation Takes the Reins
Following the SEC lawsuit, the TON Foundation stepped in to assume control of the project. This transition breathed new life into Toncoin, as it sought to create a decentralized, commission-free platform for cryptocurrency transfers among Telegram users. The Open Network, as it came to be known, also introduced additional features such as TON Storage and TON Proxy, which functions as a decentralized virtual private network (VPN) service.
TON’s Ascent to the Top 10
Toncoin’s resurgence began to gain traction when TON Space, a self-custodial digital wallet, launched on Telegram. This wallet allowed users to buy, sell, and trade cryptocurrencies directly within the messaging app, introducing a seamless integration of blockchain technology into Telegram’s massive user base.
Record-Breaking Transaction Speeds
Toncoin’s recent rally can be attributed in large part to a groundbreaking achievement by the TON Foundation. The organization announced the successful completion of a live performance test of the TON blockchain, with the goal of achieving the highest transaction speed in the world. The claim was bold: to surpass all Layer-1 blockchains and centralized payment networks like PayPal, Visa, and Mastercard.
Recognition in Dubai’s Financial Hub
The momentum behind Toncoin received a significant boost when the Dubai International Financial Centre (DIFC) acknowledged TON, along with Ripple‘s XRP, for use within its special economic zone. This recognition opened the door for more than 4,000 financial institutions and companies in the DIFC to utilize these digital assets for transactions and services, signaling a new era of blockchain adoption within the heart of the Middle East’s financial hub.
At press time, the cryptocurrency price tracking website CoinStats indicated that TON was changing hands at $2.69. This was after the altcoin achieved a 24-hour gain of 1.62%, which also added to its weekly performance – pushing it to +19.69%. The altcoin was, however, outperformed by the market leader bitcoin (BTC) throughout the past trading day. CoinStats data indicated that TON was down 2.34% against the cryptocurrency king. This meant that 1 TON was estimated to be worth 0.00007317 BTC.
### News source: coinpaper.com