- In the past week, Toncoin experienced an impressive price increase of almost 25%, pushing it back into the top 10 cryptocurrencies by market capitalization.
- One primary reason for this surge is the upcoming integration of the cryptocurrency into the Telegram messenger app, a major competitor to WhatsApp.
Over the last seven days, Toncoin has witnessed a remarkable surge in its price. Specifically, it saw an increase of more than 22% within a week, with a 12% rise in just the last 24 hours alone. This upward trajectory has positioned Toncoin as potentially the highest-growing coin among top-tier cryptocurrencies in recent weeks. The exact movement of Toncoin’s price over the last 15 days can be viewed on gocharting.com.
Why Did Toncoin’s Price Skyrocket?
The primary reason behind the impressive surge in Toncoin’s price is its planned integration into the Telegram messenger. Telegram, well-regarded for its robust encryption and commitment to remaining free from censorship, is gearing up to integrate this cryptocurrency. While Telegram had plans for its crypto wallet a few years ago, the project was shelved in 2020. However, recent months have witnessed a renewed vigor in this integration project.
Furthermore, at the recent Token 2049 crypto conference in Singapore, Telegram officially announced that the integration of the crypto wallet is indeed on the cards. This news is believed to have triggered the significant spike in Toncoin’s price over the past few days.
What Lies Ahead for Toncoin?
The rejuvenated interest from Telegram in its crypto project, even amidst a bear market, has spurred a frenzy around Toncoin. This suggests that, given a bullish market, Toncoin’s price could see even stronger surges in the near future. However, investors should tread with caution. Such announcements often generate excitement, which might wane as the implementation unfolds. Ultimately, a lot depends on Telegram’s execution of the project. Consequently, many view Toncoin as a speculative investment in the current crypto market landscape.