Surging Toncoin Price And Telegram Bot Tokens – What’s The Connection?

Christian Encila

Last Updated: September 4, 2023 12:26 pm

3 mins read

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Toncoin (TON) has taken the crypto market by storm, but its meteoric rise has also cast a spotlight on Telegram-bot tokens, drawing attention to the historical affiliation between TON Network and the instant messaging giant, Telegram.

Crypto enthusiasts have long regarded Telegram as a pioneer in exploring blockchain technology. Toncoin’s genesis lies in the “Telegram Open Network” (TON) project which, after facing legal hurdles, rebranded as “The Open Network” in 2020.

In recent months, TON has witnessed a surge in investor interest, evident from on-chain data and Santiment’s TON Social Dominance chart, which recorded a significant spike in June 2023.

This heightened attention has played a pivotal role in propelling TON’s price upwards, with its current value at $1.89, as reported by CoinGecko. Notably, TON has gained 1.8% in the last 24 hours and an impressive 28.9% over the past seven days.

Source: Santiment

Telegram-Affiliated Tokens Outshine The Crypto Market

While the global crypto market cap has seen a contraction of nearly 10% since August 1, Telegram-affiliated tokens have defied the trend, delivering consistent double-digit gains during the same period. This intriguing correlation hints at the emergence of yet another thriving sector within the crypto market.

What adds to the intrigue is the fact that these bot tokens have yet to find their way onto mainstream exchanges. As a result, the fear of missing out (FOMO) could intensify among strategic investors eager to capitalize on potential gains once these tokens hit the exchange listings.

Toncoin Breakout Signals Market Shift

September 1 marked a significant turning point for Toncoin, as its price broke free from the resistance trendline that had held it in a downtrend for over eight months. This breakout signifies a change in market dynamics, where participants may transition from selling on rallies sentiment to buying on dips.

TON market cap currently at $6.4 billion. Chart: TradingView.com

The road ahead for TON appears promising, with price targets set at $2, $2.37, and $2.64. These milestones represent the evolving landscape of Telegram-affiliated tokens and the growing influence of the TON Network within the crypto ecosystem.

In the midst of Toncoin’s solid ascent, Telegram-bot tokens have come into focus, rekindling interest in the TON Network’s close ties with Telegram. This newfound attention has triggered a significant surge in TON’s value, while the broader crypto market grapples with fluctuations.

As these tokens await mainstream exchange listings, strategic investors eagerly eye potential gains in this burgeoning sector, fueling the ever-expanding crypto narrative.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from iStock

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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.