Toncoin, a cryptocurrency deeply intertwined with the messaging platform Telegram, has recently surged to a new high, reaching a record price of over $7.
This remarkable rally has reignited speculations about a potential Telegram initial public offering (IPO) and thrust Toncoin into the spotlight as one of the most efficient digital assets in the market.
A Brief History of Toncoin
After Telegram’s legal setback and the decision to halt TON support, an independent community of users emerged around the platform. This network of developers and enthusiasts, renamed Toncoin, continued to develop applications and services on the blockchain despite Telegram’s exit from the project.
While Telegram initially distanced itself from an additional blockchain to mitigate potential regulatory consequences, CEO Pavel Durov publicly endorsed Toncoin in December 2021. This endorsement signaled a shift in Telegram’s stance and underscored the ongoing connection between the messaging platform and the blockchain ecosystem it spawned.
The history of Toncoin illustrates the resilience and adaptability of blockchain communities in the face of regulatory challenges and adversity. Despite the setbacks faced by TON, Toncoin has evolved into a thriving cryptocurrency ecosystem, buoyed by the support of a dedicated community and ongoing integration with the Telegram platform.
Toncoin’s Ties to Telegram
The recent Toncoin price surge, surpassing $7 and ranking as the 9th largest cryptocurrency by market capitalization, is attributed to speculation surrounding a potential Telegram IPO.
Despite Telegram’s disconnection from TON, the cryptocurrency ecosystem remains tightly integrated with the messaging platform. Most decentralized applications based on TON utilize Telegram’s open-source codebase and seamlessly integrate with the platform’s user base of over 900 million users.
Furthermore, Telegram’s recent adoption of Toncoin as a payment method for purchasing advertisements underscores the strong connection between the messaging platform and the Toncoin ecosystem. While Telegram may have formally distanced itself from blockchain, the symbiotic relationship between the two organizations continues to shape Toncoin’s trajectory in the cryptocurrency market.
The 300,000 Toncoin Airdrop Takes a Dive in Price
The TON Open Network Foundation handed out 300,000 Toncoin to active meme coin traders on DeDust and Ston.fi platforms. This $2.19 million airdrop targeted traders engaging in transactions from March 4th to April 10th, requiring participants to trade specific meme coins and accumulate points to qualify for rewards.
This effort was designed to encourage the trading of meme coins and foster blockchain investments during the rise in popularity of meme coins. Tokens like Dogwifhat (WIF) and Book of Meme (BOME) soared on platforms like Solana, rewarding early users with significant profits.
To ensure fairness in distribution, 90 free tokens were offered per eligible wallet, excluding Sybil addresses. Prior to the Toncoin announcement, the token hit a new all-time high, soaring over 14% to $7.65 per token. However, after the news, Toncoin’s price dropped by 5% to $7.22.
More Info:
- Solana Telegram Trading Bot Quits the Game after Exploit Drained $523K
- Top 10 Cryptocurrencies Of April 2024
With ongoing speculations surrounding the Telegram IPO and Toncoin’s market indicators continuing to attract investors, the crypto market remains dynamic and unpredictable.
Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website, HODL FM is not a financial reference resource and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice of this sort, HODL FM strongly recommends contacting a qualified industry professional.
