The Open Network’s native cryptocurrency, Toncoin (TON) has managed to enter the top 10 cryptocurrencies in terms of market cap, leaving behind Avalanche (AVAX) with a current market cap of $18.7 billion.
The growth of trading volumes by 91% in the last day was recorded being at $223 million. Moreover, the price of TON rose by 6.3% to $5.45, thus, being 120% up since the beginning of 2021.
In September 2023, TON eclipsed Tron (TRX) after unveiling a digital wallet on Telegram. Pavel Durov, Telegram’s Founder, introduced a new reward system for channel owners using TON in March. Users can buy ads with Toncoin, with 50% of ad revenue going to channel owners, withdrawable via the Fragment blockchain.
Durov also revealed Telegram’s preliminary valuation of “over $30 billion” before a potential IPO. Binance launched perpetual futures contracts for Toncoin, further propelling its growth.
Toncoin’s resurgence underscores its growing prominence in the cryptocurrency market, propelled by strategic partnerships and innovative features like the reward system for Telegram users.
Also Read: Toncoin Price Jumps 31% to 2-Year High Ahead of Telegram IPO
