TON Blockchain Recognized as a Crypto Token by DFSA
The TON Blockchain, known for its speed and scalability, has gained recognition from the Dubai Financial Services Authority (DFSA) as a crypto token. This comes after the blockchain achieved a world record for being the fastest and most scalable blockchain. Toncoin, the native token of the TON Blockchain, has experienced significant price volatility since its launch but has recently seen a surge of over 10% in its price.
Toncoin’s Recent Developments
In mid-September, the messaging app Telegram announced its integration with the $TON network, resulting in a rapid 6.5% increase in Toncoin’s value. The TON-built Web3 wallet is being integrated into Telegram, making it accessible to all 800 million users. Additionally, MEXC Ventures made a significant investment in Toncoin, further advancing its development.
TON Sets World Record for Transactions Per Second
On October 31, 2023, the TON Blockchain set a new world record for the most transactions per second (TPS). It achieved a groundbreaking transaction rate of 104,715 per second during an independently audited live event. This performance surpasses well-known blockchains and traditional bank payment networks.
DFSA Recognizes XRP and Toncoin
The Dubai Financial Services Authority officially recognized XRP and Toncoin, allowing financial institutions in the DIFC to engage in trading activities involving these tokens. This positions XRP and Toncoin alongside other authorized cryptocurrencies like Bitcoin, Ether, and Litecoin within the DIFC.
Toncoin Price Prediction for 2024
The current price of Toncoin is $2.26 with a 24-hour trading volume of $13.01 million. If the bullish trend continues, Toncoin’s price could reach resistance levels at $2.27 and $2.33. Conversely, if the trend reverses, the price might decline to support levels of $2.11 and $2.14. Based on historical price patterns and BTC halving cycles, the projected low price for Toncoin in 2024 is around $2.02, while the high price is expected to reach $3.65.
Hot Take: Toncoin’s Potential for Wider Adoption
Toncoin’s recent developments, including its integration with Telegram and recognition by the DFSA, position it for wider adoption and increased trust among users and investors. The blockchain’s speed, scalability, and user-friendliness make it attractive to developers as well. With its ambitious goal to become one of the fastest blockchains globally, Toncoin has the potential to elevate its reputation further.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.