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Toncoin (TON) Shoots Up 50% In 7 Days – This Telegram Feature Cranks Up Demand

Toncoin (TON) is currently outperforming all other cryptocurrencies in the top 100 by market capitalization on a weekly basis. With a price increase of around 50% within the last seven days, the token is the undisputed leader, followed by Stacks (+16%) and Bitcoin SV (+14%).

Over the last 24 hours, Toncoin is writing a whopping 21% gain. While it was trading at $1.86 on Sunday, the cryptocurrency was trading for $2.86 at press time.

In the last 24 hours alone, the trading volume has skyrocketed 83%, to $95.4 million. On the daily chart, TON is thus approaching its all-time high of $3.26.

Toncoin/USDT on OKX

A Reason For The Skyrocketing Price Of Toncoin

The reason for the recent pump of the Toncoin could be a feature of Telegram, which was announced last week.

Pavel Durov himself, the founder and head of the popular messenger, introduced a feature for Telegram that allows users to buy an anonymous phone number with the token and create an account with it.

Related Reading: VanEck’s Bitcoin Prediction Stands At $10K-$12K By Q1 2023

On December 07, the Telegram Messenger team launched the sale of virtual numbers with the +888 prefix, which exist as collectible on the The Open Network blockchain.

Users can log in to the Fragment platform with the TON blockchain-backed anonymous numbers and enjoy “ultimate privacy.”

Fragment is a decentralized auction platform founded by Durov. It sells the anonymous numbers compatible only with Telegram. Purchases are transacted on the platform using The Open Network Telegram token.

Related Reading: Senator Lummis Claims Pouring Retirement Funds In Bitcoin Is Still A Good Idea

These numbers can then be used to chat completely anonymously, but not to call or register with third-party services.

In addition, purchased numbers can be stored in a regular Toncoin wallet, transferred to other users, and offered for sale on marketplaces, just like any other NFT on the The Open Network blockchain.

+888 8 888 Is The Most Popular Telegram Number

Some numbers are so popular that they are auctioned on Fragment for over $100,000. The most popular number is +888 8 888, for which 38,290 TON, the equivalent of about $103,000, are currently being bid.

The auction runs for a little more than six days.

The Open Network is the brainchild of the Telegram development team, which was forced to abandon the blockchain solution due to pressure from the U.S. Securities and Exchange Commission (SEC) in June 2020.

The SEC forced Telegram to pay $1.2 billion in raised funds back to investors and pay an $18.5 million fine to settle the SEC charges.

Since then, the TON ecosystem has evolved as a standalone ecosystem and regularly integrates innovations into the Telegram messenger.

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Toncoin (TON) Leads Market Gains With Over 27% In A Week

Toincoin is trading at $2.30, gaining 10.61% in 24 hours. The price change in this period is 0.3172. The 24-hour low is $2.05, while the 24-hour high is $2.37.

Despite the recent events in the crypto space, TON has enjoyed a positive price surge today, recording gains in a volatile crypto market.

The trading volume is up by 40% at $66,552,790. According to CoinMarketCap, its market capitalization stands at $2,808,494,330.

TON is currently ranked number 22 on the crypto market list showing massive investor attention. Its affiliation with Telegram has also helped the project to soar in popularity even if it has been rebranded.

Although the TON coin is still some way off its all-time high value of $5.84, it has enjoyed a positive week and might close 2022 on a high note.

What Is Behind Toncoin’s Price Gains?

Toncoin is a decentralized blockchain (layer-1) built by the developers of the popular social messaging app Telegram.

Toncoin utilizes a proof-of-stake mechanism which has increased its adoption time. This mechanism encourages investors to profit by staking their tokens for rewards rather than going through the rigors of mining.

Toncoin price has seemingly surged due to investors rekindling their interest in the project. The Network uses sharding to operate its blockchains and is efficient and scalable.

While the crypto winter has persisted and with the dip in bitcoin, investors are looking to diversify. Also, the general crypto market has seen little gains in the last two weeks despite investors’ fears.

TONUSDT
TON Likely To Sustain Its Rally 

TON’s support levels of 1.123 and 1.572 have been held. TON has broken through the resistance level of 1.835 with 2.998, the next level it will likely surpass. Overtaking the next resistance level will launch Toncoin into a full bull run.

TON is currently trading above its 50-day and 200-day SMA. This shows that the assets’ short-term and long-term price movements are positive. The formation of long green candles on the chart’s right side indicates the bullish pressure.

The RSI reading is firmly in the overbought region at 72.48, meaning the asset is giving off a strong buy signal for investors. 

The MACD (Moving Average Convergence/Divergence) is above its signal line and displays the positive price movement on the chart.

TON will likely sustain this pressure and finish the year strong if the bulls don’t back out or a major market capitulation. Most crypto assets have fluctuated in the past weeks but are slowly beginning to show signs of life.

Toncoin’s usability, scalability, and fast transaction times will likely see its increased adoption in the coming months. 

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Toncoin (TON) Leads Top Gainers In Last 7 Days

The Open Network has enjoyed massive media recognition in the last few weeks, resulting in impressive gains. The blockchain’s native token, TON, is currently among the top cryptos leading the market in weekly gains. As of the time of writing, TON’s price was $1.74, a 0.31% decline on the day. However, its weekly rise was 2%. 

Toncoin’s media attraction came with the launch of Telegram’s unique username auction feature. In addition, this saw the launch of their marketplace, Fragment, where these usernames can be auctioned. Furthermore, the TON blockchain secured a massive investment deal with DWF Labs in the past few days. All these, together, resulted in the token’s rise this past week.

Toncoin Hopes To Get $10 Million From DWF Labs – Can the Deal Take TON To The Moon?

In a recent announcement, DWF Labs, a famous market maker, has inked a new partnership with the Ton blockchain. This partnership will see the blockchain receive $10 million in investment and other technical and market-making support. The collaboration will also see the market maker helping TON get listed on other exchanges. As of writing, TON is only listed in a handful of exchanges, including Kucoin, Huobi Global, and OKX, among others. It’s yet to be listed on top exchanges like Binance.

It is unclear whether DWF Labs can help TON reach new highs. But it certainly seems that they have an interest in doing so. With the news, TON’S price rose by 4.2%, reaching $1.74 at press time. However, it has shed some gains, mainly due to the overall bearish trend across all cryptocurrencies.

The cryptocurrency market is still reeling from the recent drop in prices thanks to the FTX implosion. As investors are bearish and weary, there is no telling how much more the crypto market could fall. However, positive news like this might contribute to getting the market back on track.

TONUSD

TON’s price currently stands at $1.42. | Source: TONUSD price chart from TradingView.com

Traders Aren’t Bullish On Toncoin 

The CoinMarketCap community has voted that Toncoin may decline by January 2023. Approximately 142 users voted that Toncoin would trade at an average of $1.487 at the start of next year. The votes were compiled using the Price Estimates tool on the CoinMarketCap website. This is a 12% drop from the token’s current market price at press time. 

But looking at the Toncoin’s price chart and recent developments, it seems unlikely that the token will drop that much. Earlier this month, the number of new accounts and wallet holders increased. Specifically, over the past week, there has been a 5% growth in the number of wallets holding TON. 

As of November 15, there were 2,829 unique wallet addresses. However, it had a considerable increase starting on the 17th and continued through today, the 22nd, adding 147 new addresses. The blockchain also recorded a 2.3% increase in new accounts. Specifically, the number of new accounts created from November 13-20 grew from 1,423,525 to 1,456,235.

Featured image from Pixabay and chart from TradingView.com