Toncoin (TON) Surges 4% in 24 Hours
The native token of the TON blockchain, Toncoin (TON), experienced a significant surge of 4% in the past 24 hours, making it the top gainer in the crypto market on Thursday. Meanwhile, Bitcoin (BTC) and Ethereum (ETH) maintained their prices from yesterday, trading at 27,641 and 1,634 respectively.
MEXC Ventures Invests Eight Figures in Toncoin
MEXC Ventures, the investment arm of MEXC exchange, recently announced an investment exceeding $10 million into the TON ecosystem. This funding will support various TON-based projects such as Megaton Finance, TONPlay, Fanzee, and Sonet. Additionally, MEXC exchange will provide marketing services and offer 0% trading fees for Toncoin. The group also plans to launch a TON-based collateral lending service in the future.
Toncoin’s Bullish Momentum
Since mid-September, Toncoin has experienced a strong surge due to Telegram’s integration of the TON crypto wallet and its support for the TON blockchain ecosystem. The blockchain witnessed its highest number of transactions in six months on September 17, with over 200,000 transfers recorded. Furthermore, more than 2,400 new addresses joined the network on that day. In total, over 3.5 million accounts have been created on the TON blockchain in the last two years.
The Locker Program and Community Fund
The positive gains of Toncoin can also be attributed to the initiation of the TON Believers Fund or The Locker program on July 30. This program locks TON tokens for two years with an additional three-year vesting period. The community fund, which is raising money until October 23, has already raised 687.8 million TON worth $1.47 billion, representing 19.9% of TON’s circulating supply.
Hot Take: Toncoin Sees Significant Growth with MEXC Ventures Investment
Toncoin (TON) has experienced a remarkable surge in value, outperforming other cryptocurrencies in the market. This growth can be attributed to multiple factors, including Telegram’s integration of the TON crypto wallet and its support for the TON blockchain ecosystem. Furthermore, MEXC Ventures’ significant investment of over $10 million into the TON ecosystem has bolstered Toncoin’s bullish momentum. With various TON-based projects receiving support and marketing services from MEXC exchange, Toncoin is well-positioned for further growth and development. The initiation of the TON Believers Fund and the successful raise of funds through The Locker program also contribute to Toncoin’s positive trajectory. As Toncoin continues to gain traction, it remains an asset to watch in the crypto market.
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