Toncoin Surges: Top 10 Crypto After 40% Weekly Gain

Toncoin (TON), the native token of The Open Network, has skyrocketed in recent weeks, climbing over 40% in the last seven days and a staggering 115% in the past month. This surge has propelled TON into the top 10 most valuable cryptocurrencies globally, surpassing Cardano (ADA) which now sits at number 11.

Telegram’s TON: A Phoenix Rising

Launched in 2017 by Telegram, TON aimed to facilitate decentralized services like secure storage and fast payments. However, the project faced legal hurdles from the US Securities and Exchange Commission (SEC), leading Telegram to abandon it in 2020. Undeterred, community organizations like FreeTon and the TON Chinese Community stepped in to keep the project alive.

Renewed Interest and Integration with Telegram

Recent months have seen a resurgence of interest in TON, likely fueled by several factors:

• Telegram’s re-embrace of the network, including the launch of a self-custody TON wallet for users in September 2023.
• Plans to accept TON for advertising payments, further integrating the token into Telegram’s ecosystem.

Exciting Developments on the TON Chain

The Telegram-based game NotCoin boasts an impressive 35 million players and is preparing to launch its NOT token on the TON chain around April 20, incentivizing user participation. The TON Foundation has unveiled a $115 million initiative to attract users with rewards and incentives. The foundation has also announced a partnership with HumanCode for “proof-of-personhood” protocol adoption using TON.

TON: A Fast-Growing Ecosystem with Ambitious Goals

Toncoin boasts a fully diluted valuation of $38 billion and a daily average trading volume of $751 million. The TON network, with over $162 million in Total Value Locked (TVL), is expected to grow further with backing from DWF Labs and the $1.71 billion already raised. Toncoin aims to leverage Telegram’s hundreds of millions of users for wider adoption.

Innovation Abounds: Universal Basic Smartphone & Meme Coins

Oyster Labs’ TON-powered Universal Basic Smartphone (UBS) marks a significant step towards wider blockchain integration. A surge in tap-to-earn meme coins like NotCoin and Hamster Kombat has brought a playful element to the TON ecosystem.

Analyst Optimism: Price Poised for Further Growth

Toncoin’s recent price surge aligns with analyst predictions, with some forecasting a potential rise to $10.27 in the near future. Bullish market sentiment and technical indicators suggest continued upward momentum for TON.