Toncoin has been making favourable inroads in the crypto space, consistently challenging for a spot among the top 10 cryptocurrencies by market capitalization. Recent gains propelled Toncoin into this elite list as its market capitalization surpassed $9 billion, marking its highest point to date.
During this surge, Toncoin briefly secured the 10th position, displacing Tron (TRX), which had a market cap just above $8 billion at the time. However, the rally subsided, and Toncoin has since settled back into the 12th position with a market cap of $8.3 billion.
The ambitions of the Toncoin team and community hinge on the TON ecosystem’s ability to attract users and projects. The project’s newest partnership with Telegram to introduce a range of cryptocurrency-related services to facilitate the entry of new users into the crypto sphere exemplifies this belief.
Telegram and TON Chain’s collaboration has been met with enthusiasm by both experts and the entire crypto community. This partnership has proven particularly bullish, as reflected in the notable 7% price increase of Toncoin following the announcement.
Toncoin Is Aiming For The Big Leagues With its Telegram Partnership
Toncoin’s integration into the Telegram ecosystem marks a significant step and opens avenues for substantial growth and opportunities for both the TON Chain and Toncoin. This collaboration is poised to impact various fronts positively and cement both’s firm’s presence in the crypto market.
Telegram plays a pivotal role in the cryptocurrency space, acting as a hub for communication, community development, and information dissemination related to blockchain projects. The peer messaging platform’s decentralized structure enables project teams to interact directly with their user base, addressing queries and offering support.
The strategic move with TON Chain aligns with Telegram’s initiative to expand its impact in the crypto sector. The partnership will be crucial to achieving Telegram’s CEO Pavel Durov’s plans to develop non-custodial wallets and decentralized exchanges for its users.
Adding to the excitement, Telegram has unveiled some features directly tied to this partnership. A notable example is a web3 wallet service integrated into the platform that allows users to engage directly with the TON blockchain within the Telegram app.
Telegram also recently introduced a “Giveaways” feature which allows channel owners to distribute prizes among their followers transparently. Following the “Giveaway” announcement, Durov spent $200,000 worth of TON tokens to pay for Telegram Premium subscriptions for 10,000 users to test and promote the feature.
The TON Foundation also announced that projects developed on the TON blockchain will receive preferential access to Telegram’s advertising platform, Telegram Ads.
While the collaboration positions Toncoin as the “official token” of the Telegram platform, it directly grants the TON Blockchain access to the extensive user base of 800 million worldwide. This is quite consequential to Toncoin’s goal of increasing user engagement and expanding its community within the TON ecosystem.
TON Price Analysis
Following the announcement, TON’s price underwent a robust rally, surging by 19.5%, accompanied by increased trading volumes, indicating a notable surge in buying interest. As of November 8, the cryptocurrency reached $2.71, marking its highest level in 11 months.
The current price action on the 1-day Toncoin chart paints a bullish picture for the token. Since its launch last year, it has maintained healthy price action, evident in sustained trading and investment interest. After hitting its lowest point in August, bullish momentum has prevailed. The current price returned to the $2.8 region, the highest in 11 months.
A break of the $3 price point and a rally towards the $3.5 price point could signal a new all-time high. Also, with Telegram willing to invest massive resources in the TON ecosystem, it is evident that this new L1 chain has some potential upside opportunities.
Final Thoughts
Toncoin’s recent rise to become one of the top 10 cryptocurrencies by market cap could be a hint of what’s to come for the TON ecosystem. The partnership with Telegram has given Toncoin’s price an added boost and has shown the potential for attracting more users and projects.
The current bullish price action suggests Toncoin’s potential to surpass its all-time high, especially if it exceeds the $3 price point.
For now, the future of Toncoin holds promise because of TON’s sustained collaboration with Telegram. However, the crypto market is quite unpredictable and past performances are never guarantees of future ones. So, you should make sure to do your research (DYOR) before you make any investment decision.
Disclaimer: This piece is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.
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