Toncoin (TON), a cryptocurrency created by the popular messaging app Telegram, is enjoying a bullish moment as the price of the token surged 8.4% overnight. At the time of this writing, TON is changing hands at $2.61, a level last seen in February 2022, as the market cap soared over $10.5 billion and briefly reclaim the 10th spot in the rankings at the expense of Dogecoin (DOGE). TON, a blockchain system based on the proof-of-stake model, was introduced by Telegram in 2018, but the project was abandoned due to a lawsuit from the SEC alleging that Telegram’s $1.7 billion ICO in 2018 violated securities regulations. Subsequently, the TON Foundation assumed control of the project, enabling users to make commission-free crypto transfers to fellow Telegram users. The Open Network also offers additional features, such as TON Storage and TON Proxy. According to data from CoinGecko, TON is also up 24.5% over the week, and as much as 22% in the past 30 days.
TON’s bullish moment was pushed by news that TON Space, a self-custodial digital wallet, had launched on Telegram, allowing users to buy, sell, and trade cryptocurrencies directly via the messaging app. The token’s rally was also fueled by the TON Foundation’s announcement that they performed a live performance test of the TON blockchain “to achieve the highest transaction speed for a blockchain in the world”, claiming to bypass all Layer-1 blockchains and centralized payment networks such as PayPal, Visa, and Mastercard. The data generated by this test has also been verified by The Open Network’s security partner, Web3 smart contract auditor CertiK. Adding to the momentum, the Dubai International Financial Centre (DIFC) recognized TON, along with Ripple’s XRP, for use within its special economic zone.
In the most recent development, Telegram founder Pavel Durov announced plans to give away 10,000 premium subscriptions to random subscribers to his channel. According to Durov, he purchased the subscriptions for $200,000 worth of Toncoin.
Toncoin (TON) has been experiencing a bullish moment with its price surging 8.4% overnight, taking its market cap to over $10.5 billion and briefly reclaiming the 10th spot in the rankings. The TON Foundation has assumed control of the project, offering users features such as TON Storage and TON Proxy, and with its latest performance test reaching a speed of 104,715 transactions per second (TPS), it is outpacing established cryptocurrencies like Bitcoin and Ethereum. With TON Space launching on Telegram and the Dubai International Financial Centre recognizing TON, the token’s rally seems set to continue.
You can read more about this topic here: Decrypt: Toncoin Briefly Overtakes Dogecoin Amid 8% Rally