The cryptocurrency market has been struggling to get back to its old days for nearly two years. Even July’s Ripple victory wasn’t enough for the bull market. Despite the harsh conditions, this altcoin is approaching the top 10 and has gained 45% in August while its rivals have fallen.
Messari prepared a report for that altcoin that does not recognize a bear market
Toncoin (TON), a Blockchain connected to Telegram, has reached 11th place by market capitalization with the gains it has made in recent months. It gained an unexpected 45% value in August alone. Crypto analysis firm Messari says the price increase is supported by multiple catalysts. Meanwhile, TON has outperformed numerous altcoin rivals.
The altcoin, which ranks 12th by market capitalization, was trading around $1.20 in early August. But by the end of the month, it was up more than 45%, reaching $1.75. TON is currently trading at $1.83. Today, it continues to stay ahead of its competitors with an increase of 2.5%.
According to Messari, TON’s price increase was thanks to Telegram bot applications such as Unibot (UNIBOT), which appeared this summer. As Kriptokoin.com, we have included what you need to know about the trending Telegram altcoin projects in this article. Messari explains the impact of this acceleration on the TON price as follows:
Although these apps only use Telegram as an interface to Ethereum protocols and do not use the TON chain directly, they have popularized a new messaging app-based UX that simplifies bBockchain interactions for users.
Toncoin makes progress in DeFi
Messari also notes that TON’s altcoin ecosystem is growing. According to decentralized finance tracker DeFi Llama, the total value locked (TVL) of the project is currently $9.62 million. TVL refers to the amount of capital invested in a protocol’s smart contracts. It is often used to measure the health of an altcoin ecosystem.
Toncoin is the native token of the Layer-1 Blockchain originally developed by the encrypted messaging platform Telegram. It has exhibited positive or negative price movements with the news that has emerged around Telegram recently.
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🔍 Learn more: https://t.co/swn9mNI1Ta pic.twitter.com/2wqPZNJqpn— TON 💎 (@ton_blockchain) August 17, 2023
Telegram parted ways with the project in 2020 after its legal struggle with the SEC. The Open Network, an open source developer community, took over management of the technology that year. The altcoin project can also be sent by Telegram’s 700 million users within the platform without entering long wallet addresses. Meanwhile, Telegram recently added 3 more coins to crypto payments. The messaging app plans to support more cryptocurrencies for its users. You can check out the details in this article.
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