As part of this partnership, Telegram will use the TON as the chosen blockchain for expanding its Web3 infrastructure.
Toncoin (TON), the native cryptocurrency of The Open Network, has emerged as the top-performing crypto among the top ten digital assets by market cap. The massive TON price surge comes amid the new partnership between the TON blockchain and Telegram.
As of press time, Toncoin (TON) is trading 3.46% up at a price of $2.43 and a market cap of $8.35 billion. Over the last week, the TON price is up by a staggering 45%.
Investors are expressing enthusiasm for Toncoin’s future as a result of the recent announcement made jointly by Telegram and the TON Foundation. This announcement introduced a new self-custodial wallet named TON Space during the Token 2049 conference held in Singapore on Wednesday.
Additionally, Pavel Durov, the creator of Telegram, publicly endorsed TON as the chosen blockchain network for expanding web3 infrastructure on the platform, further boosting confidence in Toncoin’s potential.
“Starting this November, TON Wallet will be included in the settings and attachment menus for all our users outside the U.S. and some other countries,” announced Durov through his official Telegram account.
Telegram, during the Token 2049 event, shared its growth projections. It anticipates a rise in its active user base from 800 million to 1.5 billion over the next 3 to 5 years.
The Toncoin (TON) Price Rally
Should the bulls manage to propel the price beyond the $2.66 threshold, there’s a notable potential for it to surge toward the $3 level. Conversely, a dip below the $1.95 support could trigger a test of the subsequent support at $1.63. Interestingly, despite the prevailing bearish sentiment in the market, TON’s price has exhibited impressive resilience, maintaining a robust bullish momentum.
Furthermore, the TON/USD price is currently in an overbought state, evident from the stochastic RSI reading, which currently sits below its signal line at 85.71. This scenario may lead to either a short-term decline or a phase of market consolidation as traders make decisions, including profit-taking or seeking more advantageous entry opportunities.
About Toncoin and TON supply
Toncoin serves as the native crypto within the TON network. It caters to different functions such as network operations, conducting transactions, and powering applications, games, and collectibles built upon the TON ecosystem.
Furthermore, TON encompasses several other services, including TON Storage, TON Proxy (a decentralized VPN service), and the TON naming system. Toncoin plays a central role in facilitating payments for these services, supported by its own app store boasting over 500 deployed apps that utilize the currency.
TON operates on a sharded, proof-of-stake consensus mechanism, allowing for parallel transaction processing and enhancing transaction speed. In 2021, it achieved a record transaction processing capability of 55,000 transactions per second, with claims of supporting millions of transactions.
Toncoin adheres to a maximum supply of 5 billion TON tokens, with approximately 3.4 billion TON tokens currently in circulation. Validators are rewarded with TON for their efforts in maintaining the network, and the Foundation has instituted an annual inflation rate of 0.6%.