After Telegram announced the integration of Toncoin wallets into its messaging platform, the price of TON rose.
During the most recent days, the price of the TON token rises sharply in contrast to the stagnation of the crypto market. This good performance is linked to the recent adaptation of Toncoin wallets in the Telegram messaging application.
This Wednesday, the price of the currency experienced an increase of more than 14%. As of Thursday, the price has fallen considerably, although it still remains strongly in the green territory. With this, the currency consolidates itself as one of the strengths of the altcoin sector.
TON’s unstoppable rise makes it one of the most promising mid-cap projects today. With the momentum of the last two days, the currency is going through the best moment so far in September.
TON Price Gains Traction
Telegram planned to integrate the cryptocurrency wallet in 2019, but the messaging app had to cut its ties with the blockchain foundation in 2020 after the U.S. Securities and Exchange Commission filed a lawsuit against Telegram over its raising of $1.7 billion from the initial coin offering (ICO), considering it as unregistered securities. The messaging platform settled with the SEC with a fine of $18.5 million and a promise to return unused funds to investors.
The integration of the wallets associated with Toncoin on Telegram is the big news that caused the price increase of TON. Although Toncoin operates as an independent blockchain, its relationship with Telegram makes it sensitive to any developments in which both are involved.
The integration of Toncoin wallets into the messaging giant is a major advance. In that sense, tokens that operate within the ecosystem of the aforementioned blockchain can be supported from the application.
According to information from the Open Network Foundation, access to Toncoin wallets can be achieved through Telegram settings. Thus, from now on, all users of that messaging application could access TON Space. Meanwhile, they will have the flexibility to make transactions such as purchases and sales through Telegram Wallet Bot.
The Telegram application has more than 800 million active users, which provides a strong base for the adoption of the crypto project. With this in mind, it is not surprising that the TON price is now rising sharply.
Where The Token is at This Moment
Currently, the price of the coin is $1.89 per unit. This is a 3.70% growth over the last 7 days, according to data from CoinMarketCap. During the day on Wednesday, the currency came very close to reaching $2 dollars, but now it has a correction that prevented it.
The increase in the currency comes in stark contrast when compared to the crypto market in general. While the main currencies are unchanged, or worse, with negative returns, the price of TON remains bullish. Consequently, during the last month its performance is +29%.
With all this, it can be thought that when the adoption of a part of the Telegram user base occurs, so will its price. This makes the Toncoin coin one of the most appealing assets for investors. The great hope is a possible large-scale boost when the expected bull-run of the crypto market occurs.
By Audy Castaneda