Toncoin’s value has surged recently due to investors betting on its integration with Telegram. Reuters reports that Telegram’s endorsement of TON as its official Web3 infrastructure last September has been a major factor driving this surge.
Toncoin, linked to Telegram, has risen into the top 10 in market capitalization, boosted by its integration with the widely used messaging platform, which has around 900 million users.
TON’s Integration with Telegram Boosts Value
TON’s blockchain has announced the potential issuance of Tether tokens, allowing Telegram users to send the stablecoin within the app. This development has contributed to the surge in TON’s value, which rose to $7.63 on Apr. 11, compared to $2.21 a year earlier.
PitchBook senior analyst Robert Le noted that while Telegram’s venture into crypto payments introduces a new use case for the app, its acceptance and adoption are still in early stages. The challenge lies in shifting user perceptions, particularly in non-Asian markets, where messaging apps are primarily viewed for communication rather than as multi-functional platforms.
With a circulating supply of $18.3 billion, TON has become the 10th largest cryptocurrency, trailing behind Dogecoin. The concept of a “super app” that integrates payments, shopping, and social media has long been of interest to investors, and TON’s success reflects this trend.
TON’s Integration with Telegram Drives Surge in Value
TON’s rapid rise in value and market capitalization can be attributed to its integration with Telegram, which boasts a massive user base. This reflects the growing trend of cryptocurrencies deriving value from partnerships and real-world applications.
In April, TON’s value surged following significant developments in AI collaborations, including a palm-scanning project with Human Code. These partnerships propelled TON into the top 10 most valuable cryptocurrencies by market capitalization.
Crypto venture capitalist Andrew Kang of Mechanism Capital foresees a surge in buying opportunities for TON and other cryptocurrencies, anticipating the global approval of cryptocurrency ETFs. This, combined with the integration with Telegram, has contributed to TON’s remarkable surge in value.
Toncoin is currently valued at $5.36, reflecting a 1.77% increase over the past 24 hours. Notably, it has surged by an impressive 149.18% over the last year.
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