Toncoin (TON) crypto has been gaining much attention recently. Following the price jump after announcing the collaboration with Telegram, the crypto asset has become a coin in the focus of the largest crypto investors, along with two other trend-sellers: Avalanche (AVAX) and Exchange (DTX). TON Telegram coin has made waves in crypto, climbing to the top-10 ranking over the last month. Will the surge in price continue, and how high can the price climb? Let's explore "What is Toncoin crypto?" Will it outshine competitors in the coming years? Let's explore.
What is Toncoin crypto?
The Telegram Open Network (TON), also referred to as a Telegram coin, is a native cryptocurrency of a decentralised Layer 1 blockchain that emerged from the well-known messenger application in 2018. Initially, TON was introduced as a "Telegram Open Network." However, after Telegram withdrew its involvement, the project was rebranded as "The Open Network, which is how we know it until now.
Toncoin crypto's central idea is refining the transactional princess by lowering fees and ensuring optimal network operations. Besides focusing on transactional improvements, TON emphasises decentralised storage capabilities, ensuring that security and functionality are brought to the forefront.
Toncoin (TON) is an outstanding project that can be used for various purposes and needs, namely:
- The cryptocurrency empowers the development of dApps.
- Telegram's crypto coin serves as a fee for transaction processing.
- It plays a vital role in blockchain security due to the TON coin's use in staking payments.
- You can use Toncoin (TON) to pay for decentralised storage and cover fees for different decentralised services.
- In addition to that, the Telegram coin can be used as a governance tool, letting you vote on changes in the TON governance framework.
Although there is no official connection between TON and the messenger app, the connection will always associate Toncoin with Telegram. In addition to the multiple advantages of using Telegram Toncoin (TON), the crypto has launched a wallet for commission-free crypto transfers between 800 million monthly active Telegram users.
The partnership between the TON Community and Telegram is set to usher in a new era of Web3 and redefine the user experience by bringing a new level of accessibility to digital asset management. With a TON wallet, you can securely explore the world of commission-free decentralised transactions.
Toncoin crypto benefits
What sets Toncoin (TON) crypto coin apart? Let's review the major benefits.
- TON boasts an impressive ecosystem, including everything from custodial and non-custodial TON wallets to TON Storage for encrypted privacy and TON DNS, a service allowing users to assign human-readable names to websites, crypto wallets, and smart contracts.
- TON can be safely named a green cryptocurrency since the blockchain's operations don't toll on the environment.
- The Open Network is known for swift transaction processing and validation. For example, the network achieved 55,000 TPS in September 2021.
- TON operates on the multi-layered model, often referred to as a "blockchain within a blockchain," the structure that provides for quicker operations.
- Telegram Toncoin (TON) uses the Proof-of-Stake consensus mechanism, ensuring a fast and efficient transaction validation.
Historical highlights
Telegram launched the TON blockchain in 2018. The primary purpose of the release was to create a project that could safely handle millions of transactions per second among billions of users worldwide. Telegram Toncoin (TON) made a buzz in the crypto industry, raising a whopping $1.7 billion and becoming a notable player in digital assets.
The history of the Toncoin crypto's establishment saw rises and falls. In May 2020, Telegram founder Pavel Durov announced the company's decision to stop participating in the project's further development. The announcement was released to reflect the clashes with the US Securities and Exchange Commission concerning regulatory compliance. As a result, all crypto enthusiasts who invested in the TON project started getting their funds back. However, this didn't end the crypto project's story. Thanks to the Toncoin's open nature, the TON Foundation intervened and revived the blockchain.
TON crypto price history
Like the historical events that impacted Toncoin's future evolution, the TON crypto price rose and fell. Shortly after the launch, the token peaked at $5.84 on 12 November 2021. However, it has declined since then and underwent several rallies at the beginning of 2023. In 2024, the Toncoin price has been optimistic, reaching a new all-time high of $7.65 on 11 April 2024.
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What's the reason for the rise in Toncoin's (TON) price?
The recent Toncoin price rally has attracted attention even from users unfamiliar with the Telegram coin. Over the past month, Toncoin (TON) has risen to the 8th position on the CoinMarketCap ranking, with a market cap of $23,5 billion.
What caused such an impressive performance? There are several factors to consider:
- The TON crypto price increased by 14% following the Toncoin community rewards initiative valued at $100 million.
- TON's crypto price increased by 26% due to an IPO consideration shared by Telegram's co-founder.
- Following the initiative to drive user engagement, the TON Society allocated $5 million to encourage users to join the digital identity initiative using palm scanning technology.
- Furthermore, the TON community launched a $115 million incentive programme, which includes Toncoin mining, airdrops, user incentives, liquidity pool enhancement, and the League developer ecosystem.
- Telegram's initiative to monetise the messaging app using TON crypto for transactions with channel owners has also contributed to the asset's recent price rally.
- Toncoin's integration with Telegram and the introduction of the Ton Wallet have also contributed to the growth of the Toncoin crypto price.
In addition to all the aforementioned factors, the overall crypto market recovery has also contributed to the cryptocurrency's recent price rise.
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Will the Toncoin (TON) price rally persist?
Toncoin is an outstanding project that offers many advantages and useful features. During the second half of March and early April, the TON crypto price witnessed a remarkable surge of about 135%, bringing the Telegram coin to the focus of investors' attention worldwide. Despite the recent price surge, the year-to-year figures look more remarkable, with the TON crypto price striking an increase of 183%.
Telegram's recent introduction of TON payments for advertisers could be one of the key factors contributing to the asset's price rally. This event has resulted in an impressive rise on the Ton coin (TON) network, with over 156,000 TON wallet registrations.
Besides, a recent supply decrease on outside exchanges was followed by a notable supply increase, indicating buying pressure on the TON networks and resulting in bullish price movements.
Will the Toncoin crypto price continue growing? With investors capitalising on TON Telegram coin, analysts expect the Toncoin crypto price to soar to $6.5 by Q3 2024.
Toncoin price prediction
At the time of writing on 15 April 2024, the price of Toncoin (TON) reached $7.05, and the Toncoin market cap was $24.5 billion.
Following Bitcoin's 2024 halving, the asset's price is predicted to reach $15. Some analysts forecast the Toncoin (TON) coin price to hit $22 by 2030.
Is Toncoin a good investment?
While considering any crypto investment, we should not forget the crypto market's volatility and risk factors associated with possible price drops. The same considerations apply to the Toncoin crypto coin. While most analysts expect the asset's price to grow in the long run, we strongly recommend doing your own research and market analysis before making the investment decision.
Is Toncoin a good investment? It may be. However, no matter how luring the investment opportunity sounds, act wisely and do not invest more than you can afford to lose.
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