By
Svetlana Soroka
April 29th, 2024
In a much-anticipated revelation expected at the forthcoming TOKEN2049 event that will take place in Dubai, Durov together with Tether’s Paolo Ardoino are poised to unveil the integration of USDT into the TON Blockchain.
In a surprising turn of events, Toncoin (TON), the cryptocurrency associated with The Open Network is showing signs of strength, soaring above 18% despite the recent crypto market downturn and utility boost updates.
Toncoin Shining Bright amid Utility Boom
As of the latest data from CoinMarketCap, TON is trading at $7.09, demonstrating an increase of 7.17% in the past 24 hours. Notably, TON has now risen to become the 8th largest cryptocurrency, eclipsing Dogecoin (DOGE) with its market capitalization standing at $24.7 billion.
Amid this recent resurgence, the community is anticipating the first, real, and valuable use case for TON would be revealed to 900 million Telegram users on April 19.
Making crypto – actually – useful! 🔥
What will @durov, CEO & Founder of @telegram, unveil at #token2049dubai this Friday? 👀
Get ready for crypto’s first real-world, really valuable use case. Available to all 900M monthly active Telegram users.
We're on the brink of something… pic.twitter.com/bIkNncZGtG
— TON 💎 (@ton_blockchain) April 15, 2024
In another positive development for the project, the TON Foundation said it had formed a strategic alliance with Hashkey Group to expand the adoption of the cryptocurrency in Asia.
According to the announcement from Coinspeaker, both Hashkey and the TON Foundation aim to increase the overall adoption of cryptocurrency and Web3 projects. The partnership will also ensure seamless access to fiat currencies via Telegram-based on and off-ramping services. This partnership together with Durov’s recent announcement seems to be contributing to the price of TON increasing astronomically.
Another factor that may be contributing to TON’s soaring increase is rumors of Telegram going public. In March, Durov said the firm had received offerings above $30 billion in valuation from potential investors. He, however, pointed out that he preferred to launch an Initial Public Offering (IPO) directly.
Moreover, in a much-anticipated revelation expected at the forthcoming TOKEN2049 event that will take place in Dubai, Durov together with Tether’s Paolo Ardoino are poised to unveil the integration of USDT into the TON Blockchain. While this integration is yet to be actualized, the idea opens up so many possibilities for the TON project.
Toncoin’s Journey to Surpass XRP
Toncoin’s rise in the crypto market has been one of the signs of its determination and resilience. The cryptocurrency was first developed by Telegram but was later entrusted to the open-source community following regulatory challenges.
Notably, Toncoin has an ambition of surpassing Ripple’s XRP in the long term. Achieving this feat is not impossible for TON as it recently displaced DOGE to the sideline. Toncoin’s growth has extended to a weekly gain of 22.4% compared to DOGE’s weekly decline of 21%.
Considering Toncoin’s current market outlook, its market capitalization is only about $4 billion different from XRP’s market capitalization of $28.5 billion. If Toncoin continues with its recent bullish momentum, its valuation could reach or even climb above XRP soon.
Toncoin has been on a parabolic move since the beginning of this year. Its growth in the Year-to-Date (YTD) now stands at 201.85%, far above Bitcoin’s 116.7% increase. Following TON’s outstanding performance, Global Web3 investment firm Mirana Ventures announced the acquisition of $8 million worth of TON from the secondary market. Related support from major investors is a boost toward TON’s growth pursuits.
