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TON Price Soars 9% On Pantera Capital’s Investment, Capitalizing On Telegram User Potential

Venture capital firm Pantera Capital has invested significantly in The Open Network blockchain. The news, announced on Thursday, resulted in a 9% surge in the network’s native token, Toncoin (TON), pushing its value above the $5 mark.

Pantera Capital Bullish On TON And Telegram Integration

In a statement, Pantera Capital expressed enthusiasm about their latest investment in TON. The Layer 1 network, initially conceived by Telegram and continued by the open-source community, can potentially introduce cryptocurrency to the masses due to its extensive usage within the Telegram network. 

Telegram, used by over 900 million monthly active users, is known for personal and group communication, community building, content sharing, and more. Pantera Capital believes that by leveraging Telegram’s vast user base and user experience, combined with TON’s growing ecosystem, the network could become one of the largest in the cryptocurrency space. Pantera’s announcement further reads:

We at Pantera Capital are thrilled to announce our latest investment in TON, a Layer 1 network originally designed by Telegram and continued by the open-source community.  We believe TON has the capacity to introduce crypto to the masses because it is used extensively within the Telegram network. 

The integration of TON with Telegram aligns with the platform’s vision of providing a “seamless” and “borderless” experience for peer-to-peer (P2P) payments within its user base. 

Tether’s Integration With The Open Network

As previously reported by NewsBTC, Tether, the company behind the largest stablecoin in the market, USDT, recently announced the launch of its USDT dollar-pegged token and Tether Gold (XAUT) on The Open Network. 

This integration further increases the potential for P2P payments within Telegram’s extensive user base, a prospect that Pantera Capital aims to capitalize on.

In addition to the investment in TON, Pantera Capital is actively pursuing the launch of a new fund, Pantera Fund V, to raise over $1 billion. This fund aims to provide investors with diverse investment options across the blockchain asset spectrum, encompassing startup equity, early-stage tokens, and liquid tokens.

The new fund has established a minimum investment threshold of $1 million for qualified investors, and the first close is scheduled for April 1, 2025. 

Insiders familiar with the matter have indicated that Pantera Fund V is anticipated to reach a similar size as its predecessor, which successfully amassed approximately $1.25 billion in capital two years ago.

TON

Following the disclosure of Pantera Capital’s investment in The Open Network, the price of TON experienced a notable 9% surge on Thursday, reaching a current trading price of $5.09. This increase comes after a significant price decline, with TON dropping as low as $4.6 after reaching its all-time high (ATH) of $7.65 in mid-April.

Featured image from Shutterstock, chart from TradingView.com 

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Toncoin Price Jumps 17% As Tether Widens Payment Choices On Telegram’s TON Network

Tether, the company behind the largest stablecoin in the market, USDT, has made a significant expansion move that has propelled the Toncoin price, the native token of The Open Network (TON), by 17% in the past 24 hours. 

Tether Expands Reach To 15 Blockchains

On Friday, Tether announced the launch of its USDT dollar-pegged token and Tether Gold (XAUT), a gold-backed digital token, on The Open Network. This development marks a significant move for Tether, expanding its presence to 15 blockchains. 

The integration of TON with Telegram, which boasts over 900 million global users, is expected to provide a “seamless and borderless” experience for peer-to-peer (P2P) payments within Telegram’s user base.

With the introduction of USDT and XAUT on TON, Tether aims to facilitate the easy transfer of value between users in the TON ecosystem and other blockchain networks while increasing the transfer speed and reducing costs. 

Paolo Ardoino, CEO at Tether, expressed excitement about the launch, emphasizing their support for The Open Network’s vision of an open and “decentralized internet.” Ardoino stated:

We’re excited to bring USD₮ and XAU₮ to The Open Network because we support its vision of an open and decentralized internet and a borderless financial system. The launch of USD₮ and XAU₮ on TON will allow seamless value transfer, increasing activity and liquidity while offering users a financial experience that can match those found in the traditional financial system. This furthers our mission of powering open financial infrastructure across the blockchain space.

11 Million TON Tokens To Drive Adoption Of USDT, XAUT

Meanwhile, The Open Network claims to “revolutionize” global peer-to-peer payments, allowing Telegram users to send money instantly without needing a blockchain address or downloading a new app. 

Notably, USDT on TON will be complemented by fully integrated on-ramps supporting most fiat currencies globally. Additionally, integrated global off-ramps will facilitate users’ withdrawal of supported fiat currencies directly to their bank accounts or cards.

The TON Foundation has allocated 11 million TON tokens as incentives to drive adoption. Five million TON will be utilized to boost rewards in USDT/TON liquidity pools across TON decentralized exchanges (DEXes) like StonFi and Dedust. 

Another 5 million TON will be distributed to users who deposit USDT to the Earn campaign of Telegram’s wallet. Furthermore, withdrawals to TON from supporting exchanges such as OKEx, Bybit, and KuCoin will be free for all users until the end of June 2024.

Ultimately, the introduction of USDT and XAUT on TON, coupled with the incentives provided, is expected to accelerate the adoption of TON and establish it as a “faster, easier and more cost-effective” cross-border payment system compared to traditional financial services, according to The Open Network’s announcement.  

Toncoin Price Rallies

Following the disclosure of the partnership, the Toncoin price surged, reaching a high of $8.02 on Friday. This marked the end of a sharp decline over the past week since the token achieved its all-time high (ATH) of $8.79 on April 11. After reaching the new ATH, the Toncoin price dropped to a low of $5.42 on Saturday, April 13.

However, with the recent partnership announcement, the Toncoin price has regained its bullish momentum and is currently trading at $6.59. 

It aims to surpass the price resistance level of $7.70, which will pave the way for reaching and surpassing the $8 mark. This would provide a favorable trajectory for the Toncoin price to conquer and exceed its current ATH.

Toncoin price

Featured image from Shutterstock, chart from TradingView.com

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Telegram CEO Responds To Concerns, Offers Solution To Restrict Company’s TON Stake To 10%

The popular messaging platform Telegram has revealed its plans to sell its surplus holdings of The Open Network (TON) tokens at below-market prices. This move comes after concerns were raised about the potential centralization of TON supply due to ad payments being exclusively accepted in TON tokens. 

Telegram Addresses Concentration Concerns

As NewsBTC reported on February 28, starting in March, channel owners will have the opportunity to receive financial compensation for their content. All transactions, including payments and withdrawals, will be handled on the TON blockchain.

Telegram’s advertising platform will be available to advertisers in nearly one hundred new countries. With this expansion, channel owners will receive 50% of the revenue generated from ads displayed on their channels.

In response to concerns about the concentration of TON tokens with this new feature, Telegram CEO Pavel Durov announced plans to sell the company’s surplus holdings. 

With ad payments in TON tokens potentially accounting for more than 10% of the TON supply at Telegram, Durov acknowledged the need for a solution to avoid centralization. 

Telegram aims to limit its share of TON by selling the surplus holdings to long-term investors, ensuring a “healthier distribution” and a decentralized ecosystem. The tokens sold will be subject to a lockup and vesting plan ranging from 1 to 4 years.

To ensure a streamlined process for selling TON tokens, Telegram has set up a dedicated email address where interested large investors (with investments of $1 million or more) can express their interest, aiming to maintain stability and decentralization within the TON ecosystem. 

TON Ecosystem Thrives

Despite the growing concerns, the TON ecosystem is showing encouraging signs of growth, as evidenced by recent data provided by Token Terminal. Market capitalization, trading volume, fees, and revenue have all increased significantly over the past 30 days. Additionally, active users have consistently grown daily, weekly, and monthly. 

Over the past 30 days, the fully diluted market capitalization of the TON ecosystem has reached $13.83 billion, marking a significant 31.0% increase. Moreover, the token’s trading volume has seen a modest but steady 1.4% rise, reaching $1.21 billion. 

Fees generated within the ecosystem have also experienced substantial growth, with an 80.9% increase over the past 30 days, totaling $860,490. The annualized fees have also surged, reaching $10.47 million, reflecting a 45.3% growth rate.

Furthermore, revenue generated within the ecosystem has followed a similar trajectory, with a significant 80.9% increase over the past month, amounting to $430,250. The annualized revenue stands at $5.23 million, indicating a promising revenue stream for the ecosystem.

Last but not least, the TON ecosystem has seen consistent growth in its user base over different periods. Daily active users have increased by 1.5%, reaching 33.66k, while weekly active users have experienced a growth rate of 19.6%, reaching 178.62k. Monthly active users also showed a positive trend, with a growth rate of 10.3%, reaching 412.39k. 

Telegram

TON is trading at $2,735, up 3% over the past 24 hours and extending its 34% rise over the past 30 days.

Featured image from Shutterstock, chart from TradingView.com 

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Toncoin (TON) Continues To Shine, Is $3 Mark Possible?

TON has gained 1% today, September 20. It trades at $2.47 with a 30% seven-day price increase. Also, TON’s price gains confirm the entrance of buyers and an accumulation phase, which will likely continue to push the rally.

TON’s price gains in the past week are likely a result of its integration with Telegram. This integration exposes TON to approximately 800 million users on Telegram, leading to a spike in its price. 

TON Faces Resistance At $2.58; Will The Buyers Trigger A Breakout?

TON is on an uptrend today, building on its gains from September 19 to rally to the $2.58 resistance level. After briefly slipping off the $2.5 price on September 16, TON found support at $2.3, preventing a decline. And as the bull returned, the asset pushed closer to the $2.58 resistance level.

As buyers vie to surmount barriers to further uptick, TON trades near the upper band of the Donchian Channel (DC), expressing a strong bullish sentiment.

Additionally, the Relative Strength Index (RSI) is firmly in the overbought zone, displaying a value of 76.6. The RSI’s value implies that the buyers are not yet done with the accumulation phase and will likely rally above the closest resistance level. 

Moreover, the Moving Average Convergence Divergence (MACD) still displays a strong buy signal. The MACD is above its signal line, and its green Histogram bars confirm an ongoing massive accumulation. 

Based on past price action, TON will likely repeat its September 12-16 uptrend to record more gains. However, it is already in the overbought region, and a retracement for consolidation will likely occur in a few days. 

Nevertheless, the exciting developments in the Toncoin ecosystem will likely result in a bull run in the last quarter of 2023. 

TONUSD price chart

TON Records Massive Price Surge Following Telegram Update

Exciting ecosystem developments could be responsible for Toncoin’s performance over the past few days. According to a recent tweet, social media giant Telegram extended its support to Toncoin and introduced a new wallet called TON Space. 

According to sources, the unveiling happened last week at the Token 2049 conference in Singapore. Also, the CEO of Telegram, Pavel Durov, shared this exciting news on his official Telegram account, confirming that TON is the preferred blockchain network for their crypto integration. 

Durov said: “Starting this November, TON Wallet will be included in the settings and attachment menus for all our users outside the US and some other countries.” This integration helps them expand Telegram’s Web3 infrastructure.

Interestingly, users who installed the latest version of Telegram can access the wallet option from the app menu. Toncoin developers say the upgrade aims to integrate the token within Telegram Mini-Apps.

In addition, Toncoin projects could utilize these mini-apps to increase their reach and adoption. Moreover, TON-based users get priority access to Telegram Ads,  exposing the projects to over 37,000 communities and millions of Telegram users. 

Consequently, the TON wallet will operate The Open Network (TON) blockchain. Also, the wallet will be available to over 800 million Telegram worldwide users.

This development bodes well for Toncoin, which has been bullish since September 4, 2023, following the announcement. By riding on these bullish waves, the cryptocurrency will likely attain $3 in the coming weeks.