Logo
Cardano Ecosystem

Coinfomania

04/10/2024

·

89 views


Toncoin (TON) Hits All-Time High And Pushes Cardano Out Of The Way

Toncoin, the cryptocurrency of The Open Network, has achieved the status of being the world’s tenth most valuable digital currency, as per CoinGecko data. It experienced a 12% increase in its value over the...

Toncoin (TON) Hits All-Time High And Pushes Cardano Out Of The Way

Toncoin, the cryptocurrency of The Open Network, has achieved the status of being the world’s tenth most valuable digital currency, as per CoinGecko data.

It experienced a 12% increase in its value over the past 24 hours, reaching a price of $6.65. Moreover, the token has seen a 32% rise over the last week and an impressive 132% growth over the previous month.

Earlier on today (April 9), TON’s value briefly soared to a new all-time high of $7.06, displacing Cardano from its position in the top 10.

toncoin

We Just Don’t Know If Toncoin Will Sustain the Uptrend

The performance of Toncoin’s price has significantly surpassed that of Dogecoin, with TON experiencing a 130% increase over the past month compared to DOGE’s 14.8% rise. On a year-to-date basis, Toncoin has seen a 177% uptick, while Dogecoin has climbed 108%, as per data from TradingView.

Contrasting with Dogecoin, whose price fluctuations are largely speculative, Toncoin’s integration with the Telegram messaging application provides a tangible utility that could directly contribute to its value growth as more users adopt it.

However, potential concerns for retail investors lie in Toncoin’s concentration of ownership. Data from CoinCarp indicates that the top 10 holders possess over 60% of Toncoin, and the 100 largest holders control 93% of the total supply, pointing to a significant centralization in its distribution.

Toncoin History And Recent Developments

Launched in 2018 by the messaging powerhouse Telegram, the Telegram Open Network encountered a significant setback due to regulatory challenges posed by the U.S. Securities and Exchange Commission, leading to Telegram discontinuing the project.

Despite this, the developer community persisted in advancing the network without the official backing of Telegram, which has recently begun to re-engage with the project, potentially contributing to its growth in recent times.

Last autumn, Telegram introduced a self-custody wallet for TON, and by February, it announced a revenue-sharing initiative with channel owners, compensating them entirely in TON for their advertising revenue. Furthermore, Telegram has recently enabled the option to make payments for advertisements in TON.

The network is also seeing exciting developments, such as the Telegram-integrated game Notcoin, which attracted 35 million players in recent months and plans to issue its NOT token on the TON blockchain around April 20 as a user incentive. Additionally, the TON Foundation has launched an ambitious $115 million rewards program to encourage more users to join the network. https://twitter.com/ton_blockchain/status/1777314012918583498

This Tuesday, the TON Foundation revealed a collaboration with HumanCode, a startup specializing in palm-based authentication, to promote the adoption of its “proof of personhood” protocol. This partnership includes offering incentives worth 1 million TON, valued at approximately $6.5 million, to drive further adoption.

AD

SNEKbot by DexHunter on CARDANO

Cardano's Telegram Trading Bot live on Cardano mainnet!TRADE NOW!


Read Original Article on Coinfomania

ORIGINAL SOURCE

https://coinfomania.com/toncoin-ton-hits...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


Genius Yields DEX Launched!

More from Coinfomania

See more
Dogecoin Faces Challenges as Whale Activity and Trading Volumes Drop
Coinfomania
Dogecoin Faces Challenges as Whale Activity and Trading Volumes Drop

06/04/2024

·

36 views

Related News

See more
Genius Yields DEX Launched!

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)