Most high-volume altcoins such as XRP, DOGE, ADA and SOL are decreasing over the last week. Toncoin (TON), which has stepped into the top 10 by market value, continues its rally. Its price jumped double digits today…
Toncoin (TON) continues to lead the altcoin market
In the last week, Toncoin rose from $1.75 to $1.95, a remarkable 25% increase. Thus, it ranked 10th with a market value of $7.72 billion. The excitement of discovering new star altcoin projects is rapidly increasing in the market. Some altcoins began to stand out and climb to the top of the cryptocurrency rankings.
Toncoin (TON) stands out in this fight, gaining over 50% in value in the last 30 days. Its outperformance is leading altcoin bulls to new highs at $3.
Meanwhile, the general market sentiment was bearish. However, Toncoin is attracting positive attention in this negative environment. The altcoin is trading at 2.25 with a 15% increase in the last 24 hours. Toncoin’s last 24-hour trading volume is exactly $27 million, above its average 20-day volume.
Growing transaction volume is a clear indication of increasing interest in the altcoin project. Toncoin’s high trading volume pushes its price even higher. Additionally, on September 14, Toncoin Foundation and Telegram introduced TON Space, a crypto wallet designed specifically for Telegram users. With this move, Telegram aims to increase the number of users by 30% by 2028.
Why is Toncoin rising?
As reported by Kriptokoin.com, Telegram announced that it has officially approved the TON network and positioned it as the preferred Blockchain for Web3 infrastructure. Telegram plans to seamlessly integrate TON into its app’s user interface. This caused the altcoin price to increase by 6.5% in just 30 minutes after the news was published.
The TON network has introduced a Web3 wallet that already has an impressive 3 million registered users. Telegram now aims to integrate this wallet into its application. It also plans to provide access to its large user base of 800 million through its settings.
Additionally, the new wallet named TON Space will be gradually rolled out to all Telegram users worldwide. However, according to the TON Foundation, the launch will not take place in the US and is expected to be completed by November. Therefore, the altcoin project needs some more time.
TON’s web3 wallet for 800 million users
Known for its popularity among altcoin enthusiasts, Telegram has a history intertwined with the Blockchain space. This journey started as an internal project in 2018. But he encountered obstacles. It led Telegram to halt development in August 2020 due to legal action taken by the SEC over alleged sales of unregistered securities. Fortunately, the community rallied around the project. The next year he founded the TON Foundation to keep the initiative alive.
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