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

Jake Simmons

Last Updated: June 11, 2024 2:31 pm

2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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, 1-day chart. Source: TradingView

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.

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.

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.

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.