Toncoin (TON) has experienced a recent surge in price, with the token’s value increasing by 8.4% overnight, reaching $2.61. This surge has also seen the market cap of TON soar over $10.5 billion, briefly reclaiming the 10th spot in the rankings at the expense of Dogecoin (DOGE). TON is a blockchain system based on the proof-of-stake model, introduced by Telegram in 2018. However, due to a lawsuit from the SEC alleging that Telegram’s $1.7 billion ICO in 2018 violated securities regulations, the project was abandoned.
Subsequently, the TON Foundation took over the project, allowing users to make commission-free crypto transfers to fellow Telegram users. The Open Network also offers additional features such as TON Storage and TON Proxy, which functions as a decentralized VPN service.
According to data from CoinGecko, TON is up 24.5% over the week and as much as 22% in the past 30 days.
TON’s Recent Surge
The recent surge in TON’s value came after TON Space, a self-custodial digital wallet, launched on Telegram, allowing users to buy, sell, and trade cryptocurrencies directly via the messaging app.
The token’s rally was further boosted after the TON Foundation announced it performed a live performance test of the TON blockchain to achieve the highest transaction speed for a blockchain in the world.
CertiK’s audit showed that the TON blockchain reached an average of 78,134TPS.
Adding to this momentum, the Dubai International Financial Centre (DIFC) recognized TON for use within its special economic zone.
In a recent development, Telegram founder Pavel Durov announced plans to give away 10,000 premium subscriptions to random subscribers to his channel. According to Durov, he purchased the subscriptions for $200,000 worth of Toncoin.
Hot Take: Toncoin Surges Amidst Market Volatility
Toncoin has surged in value recently due to several factors including advancements in its technology and recognition by financial institutions like DIFC. The cryptocurrency’s ability to achieve high transaction speeds and offer unique features has contributed significantly to its growth. With ongoing developments and support from prominent figures like Pavel Durov, Toncoin seems poised for further success amidst market volatility.
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