Messari Reveals Factors Behind Toncoin’s 45% Surge in August
If you’re interested in the cryptocurrency market, you’ll be intrigued to learn that Toncoin (TON) experienced an unexpected 45% price surge the previous 30 days. Messari, a reputable cryptocurrency analytics firm, has identified plenty of factors that contributed to this impressive rally.
What is Toncoin?
Toncoin serves as the native token for a layer-1 blockchain at the beginning developed by Telegram, a renowned encrypted messaging platform. This digital asset holds the 12th rank by market capitalization.
The Impressive Price Jump
During August, Toncoin’s value skyrocketed from around $1.20 to $1.75, marking a remarkable increase of over 45%. Currently, the token is currently worth $1.83. The surge surprised numerous in the cryptocurrency community.
The Impact of Telegram Bot Apps
Messari outlines the influence of Telegram bot applications, such as Unibot (UNIBOT), on TON’s price surge. These applications utilize Telegram as an interface to Ethereum (ETH) protocols, simplifying blockchain interactions for users and creating a new messaging app-based user experience.
TON’s ecological system is expanding, which further supports its value surge. According to DeFi Llama, the project as of now boasts a total value locked (TVL) of $9.62 Million. TVL indicates the amount of financial resources deposited within a protocol’s smart contracts and serves as a measure of a cryptocurrency ecosystem’s health.
Telegram’s Departure and TON’s Unique Features
In 2020, Telegram cut ties with TON due to a legal battle with the SEC. Nonetheless, the Open Network, an open-source community of developers, took over the management of the technology. Interestingly, TON can be sent by Telegram’s 700 Million users within the platform without the need for lengthy wallet addresses.
Hot Take: Toncoin’s Rally Reflects the Growing Probable of Messaging App-Based Blockchain Interactions
The surge in Toncoin’s price outlines the increasing popularity and probable of messaging app-based blockchain interactions. As these interactions simplify user experiences and drive user adoption, we can expect further growth in this space.
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