Toncoin leads rally after Telegram endorsement.

Toncoin leads rally after Telegram endorsement.

Toncoin (TON): The Top-Performing Crypto Surging alongside the TON Blockchain and Telegram Partnership

The blockchain industry is witnessing an exciting development as Toncoin (TON), the native cryptocurrency of The Open Network (TON), emerges as the top-performing crypto among the top ten digital assets by market cap. This remarkable surge in TON’s price is a direct result of the partnership between the TON blockchain and Telegram.

As of press time, Toncoin (TON) is trading 3.46% up at a price of $2.43, with a market cap of $8.35 billion. In just the past week, the TON price has soared by a staggering 45%. This surge has sparked enthusiasm among investors, inspired by the recent announcement made jointly by Telegram and the TON Foundation.

During the Token 2049 conference held in Singapore, the partnership introduced a new self-custodial wallet called TON Space. The announcement garnered significant attention due to Pavel Durov, the creator of Telegram, publicly endorsing TON as the chosen blockchain network for expanding web3 infrastructure on the platform. This endorsement further boosts confidence in Toncoin’s potential, drawing more investors to its future.

Durov, through his official Telegram account, revealed that starting this November, the TON Wallet will be included in the settings and attachment menus for all Telegram users outside the U.S. and some other countries. This move will greatly expand the adoption and use of Toncoin, resulting in increased demand and potential market growth.

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Telegram, at the Token 2049 event, also shared its impressive growth projections, anticipating a rise in its active user base from 800 million to 1.5 billion over the next 3 to 5 years. This prediction supports the positive sentiment around Toncoin’s future, as it aligns with the increasing demand for TON’s blockchain-based services.

The Toncoin (TON) Price Rally

Considering the current bullish momentum, if the bulls manage to propel the price beyond the $2.66 threshold, there is notable potential for it to surge toward the $3 level. However, a dip below the $1.95 support could trigger a test of the subsequent support at $1.63.

Despite the prevailing bearish sentiment in the market, TON’s price has exhibited impressive resilience, maintaining a robust bullish momentum. This resilience can be attributed to several factors, such as the partnership with Telegram, endorsement by Pavel Durov, and the broader growth projections shared by Telegram during the Token 2049 event.

Furthermore, it’s worth noting that the TON/USD price is currently in an overbought state, as indicated by the stochastic RSI reading, which sits below its signal line at 85.71. This scenario may lead to either a short-term decline or a phase of market consolidation as traders make decisions, including profit-taking or seeking more advantageous entry opportunities.

About Toncoin and TON Supply

Toncoin serves as the native cryptocurrency within the TON network, fulfilling various functions such as network operations, conducting transactions, and powering applications, games, and collectibles built upon the TON ecosystem. TON encompasses several other services, including TON Storage, TON Proxy (a decentralized VPN service), and the TON naming system.

Toncoin plays a central role in facilitating payments for these services, supported by its own app store that boasts over 500 deployed apps utilizing the currency. TON also incorporates a wallet that enables commission-free cryptocurrency transfers to other Telegram users, acting as the primary interface for engaging with Telegram Mini apps.

Operating on a sharded, proof-of-stake consensus mechanism, TON allows for parallel transaction processing, enhancing transaction speed and scalability. In 2021, TON achieved a record transaction processing capability of 55,000 transactions per second, with claims of supporting millions of transactions.

To ensure a controlled inflation rate, Toncoin adheres to a maximum supply of 5 billion TON tokens, with approximately 3.4 billion TON tokens currently in circulation. Validators are rewarded with TON for their efforts in maintaining the network, while the TON Foundation has instituted an annual inflation rate of 0.6%.

In conclusion, the recent surge in Toncoin (TON) price can be attributed to the partnership between the TON blockchain and Telegram, along with the endorsement from Pavel Durov. The future looks promising for Toncoin, as Telegram aims to expand its active user base significantly. With its various services and high transaction processing capability, TON continues to pave the way for blockchain technology, showcasing the potential for widespread adoption and innovation in the industry.

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