Toncoin’s rally has resonated across the global crypto community as its native token, TON, surged to $5.6, inching closer to its all-time high of $5.8 recorded in November 2021. This remarkable ascent has propelled TONcoin to the eleventh position in market capitalization, surpassing $18 billion.
The great deal of TON’s (Telegram Open Network) price can be accredited to a series of positive developments within the project which were followed by the good news of the association with Telegram, the well-known cloud messaging platform founded by the Durov brothers.
For one, Telegram is one of the top messaging applications that is used on a mass scale across the globe, thus TON does get quite a considerable amount of popularity.An outstanding event at the basis of this increase in price is when the head of Telegram has given his words on the Kaspersky Securities with the plan of $30 billion valuation.
Despite being put off until unknown in future, the information itself sent the TON price from $2.78 to $4.46, thus implying the investors’s belief in the long-term project.The metaphorical fire burning fuel is fueled by the introduction of perpetual futures trading by Binance- a popular cryptocurrency exchange who recent unveiled plans to also trade in TON.
Toncoin (TON’s) Open League Initiative
However, last month TON has launched an “Open League” initiative that is transformational to be sure and envisages incentivizing ecosystem engagement by giving a compensation to persons who want to take part in the projects and activities of ecosystem participants. There is that quantumly 30M TON of the project and excitement around it seems to have reached the boiling point.
By the end of a year-to-date (YTD) performance, TON has managed to gain more than 150% in price which makes it overtake the majority of its peers in the best performing category. The phenomenon is further evident in TON, which overtook even Bitcoin, that shows a YTD growth of 68.83% upon the examination of MarketWatch data, and shows its developing significance in the crypto world.
The market is very much anxiously awaiting additional developments from Telegram and for TON’s public market entrance. So, all eyes are fully set on TON’s path. Having demonstrated its ability recently and with glittering momentum, it is difficult to imagine that TON is not posed to further establish itself as we are likely about for it to change and probably reshape the cryptocurrency scenario.