Toncoin Prices Skyrocket, This is the Cause!

The price of TON has increased significantly. (Photo; Doc. TheCoinRepublic)

JAKARTA - Toncoin (TON), a cryptocurrency from The Open Network, is one of the top ten digital assets based on market capitalization. The impressive price increase coincided with the announcement of a partnership between the TON blockchain and Telegram.

When this article was written, TON was trading at $2.43 (around IDR 34,800), up 3.46%, and had a market capitalization of $8.35 billion (around IDR 119.4 trillion). Over the past week, TON's price surged by 45%, showing investor enthusiasm for its future.

The partnership announcement came from Telegram and the TON Foundation during the Token 2049 conference in Singapore. One of the main points in this announcement was the launch of TON Space, a self-custodial wallet, which will be part of Telegram's web3 ecosystem.

Pavel Durov, the creator of Telegram, openly supports TON as the preferred blockchain network to expand the web3 infrastructure on the platform. He announced that TON Wallet will be part of the setup for all Telegram users outside the US and some other countries starting in November.

During the Token 2049 conference, Telegram also projected the growth of its active users from 800 million to 1.5 billion in the next 3 to 5 years.

Toncoin (TON) Price Rises

TON price has shown impressive performance, and if it manages to break $2.66 (around IDR 38,100), there is great potential to reach the $3 level (around IDR 42,900). However, keep in mind that a drop below the $1.95 (roughly IDR 27,900) support could trigger a test of the next support at $1.63 (roughly IDR 23,300). Investors need to monitor price movements closely to make the right decisions.

It is worth noting that TON/USD price is currently in overbought conditions, which may result in a short-term decline or consolidation phase as traders make decisions. This could include taking profits or seeking more profitable entry opportunities.

For additional information, Toncoin is the original cryptocurrency in the TON network which has various functions, including network operations, transactions, and supporting applications and games built on the TON ecosystem.

TON also has a wallet that allows cryptocurrency transfers to other Telegram users without incurring fees. Additionally, TON includes services such as TON Storage, TON Proxy (decentralized VPN), and TON naming system. Toncoin plays a central role in facilitating payments for these services and has more than 500 apps using it.