Toncoin enters top 10 cryptocurrencies after Telegram wallet integration
Toncoin has secured a spot in the top 10 cryptocurrencies following its integration into the Telegram wallet.
The addition of TON Wallet to the Telegram platform, supported by Pavel Durov, led to a substantial 40% increase in the coin's value. Toncoin, known as TON, has now claimed the ninth position in market capitalization rankings on CoinMarketCap, nestled between Dogecoin (DOGE) and Solana (SOL). This impressive surge in value occurred in less than a week, with TON currently trading at $2.35 and boasting a market capitalization of $8 billion as of 11:30
On September 14, Telegram introduced an update that seamlessly integrated the TON Wallet cryptocurrency wallet into its messaging interface. Previously, this wallet, embodied as the @wallet bot with a verified status, existed but was not readily accessible to all Telegram users. Pavel Durov, in his Telegram channel, expressed his intention to further incorporate blockchain technology into Telegram, announcing that from November onwards, TON Wallet would be available in the settings and attachments menu for all users outside the United States and select other countries.
The Telegram Open Network (TON) blockchain was initiated by the Durov brothers, Nikolai and Pavel, in 2018. However, in 2020, they withdrew from the project due to legal disputes with the US Securities and Exchange Commission (SEC). The TON network continued to thrive with the support of the TON Foundation community, despite Telegram's indirect involvement in its development. An example of this support was the creation of the Fragment auction blockchain platform, designed for trading collectible usernames, which launched on October 26, 2022.
Furthermore, in March, the @Wallet bot on Telegram expanded its support to include the USDT stablecoin, having previously supported only Bitcoin and TON.
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