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.
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.
