The recent rise of Toncoin
Last week, the crypto posted a 48% increase in value. This increase has not gone unnoticed in the crypto-sphere. But what inspires such enthusiasm? According to the media Inside Bitcointhe answer is in an announcement made by Telegram.
In fact, the latter announced its intention to introduce an integrated crypto wallet for its vast user base. We are talking about more than 800 million users of this social network. This news boosted investor confidence, anticipating mass adoption of TON.
As a reminder, Toncoin (TON), the native token of the Telegram Open Network. It is an innovative project designed to securely support decentralized applications with impressive speed and scalability.
However, despite its enormous potential, Telegram had to abandon the project in 2020 following legal hurdles at the Securities and Exchange Commission (SEC).
???????? https://t.co/pax5ptTdGI has undergone a major upgrade!
Validators can now vote on management proposals, allowing everyone insight into @ton_blockchain to hear! ????
Get full details about the new opt-in settings: https://t.co/Gzf5X9IYCi pic.twitter.com/nj4iQTCfuC
— Orbs (@orbs_network) September 11, 2023
The future prospects of TON crypto
TON’s recent trajectory is causing confusion among financial analysts. Currently, Toncoin is trading around $2.43 on Coinbase. Also, indicators suggest it could surpass the recent high of $2.50.
According to our source’s analyses, if this upward trend continues, the next barrier to cross is at $2.64. And if the bulls prevail, the $3 horizon could quickly take shape.
However, caution is required. Toncoin’s troubled past with Telegram and its problems with the SEC remind us that TON’s path is full of pitfalls.
The issue of regulation remains a concern. Telegram has already paid a hefty fine due to complications with the SEC, and this could cast a shadow over TON’s future ambitions.
Source: The Blog
I am Ben Stock, a highly experienced news writer with several years of experience in the industry. I currently work for The News Dept as an author, where I specialize in market-related stories. My passion and expertise lies in providing readers with accurate and up-to-date information on the latest financial developments from around the world.