Toncoin (TON), a cryptocurrency built on the Layer-1 blockchain The Open Network, has seen a massive surge in price after Binance, the world’s largest cryptocurrency exchange, announced support for the project.
Binance Listing Fuels Toncoin’s Rise
TON’s price jumped over 13% in just 24 hours, reaching $6.22 at the time of writing. This surge was triggered by Binance’s listing of TON, which they categorized as a “seed” token. This means Binance considers TON to have high volatility potential, and users who trade it need to pass regular quizzes to acknowledge the risks involved.
TON’s History and Potential
TON was originally developed by Telegram, the popular messaging app, under the name Telegram Open Network. However, Telegram abandoned the project in 2020 after a legal battle with the US Securities and Exchange Commission (SEC). The Open Network, a community of developers, took over the project and continued its development.
Despite the legal hurdles, TON remains integrated with Telegram, allowing its 700 million users to send TON within the platform without needing complex wallet addresses. This connection to Telegram’s vast user base is what attracted investors like Pantera Capital, who believe TON has the potential to become a major cryptocurrency network.
Pantera Capital Sees Huge Potential in TON
Ryan Barney, a partner at Pantera Capital, highlighted the project’s potential: “We believe TON has the capacity to introduce crypto to the masses because it is used extensively within the Telegram network. Telegram has over 900 million monthly active users… By leveraging Telegram’s vast user base and seamless UX with the vibrancy of TON’s emerging ecosystem, we believe TON has the potential to become one of the largest crypto networks.”
Disclaimer: This information is for general knowledge and should not be considered investment advice. Always conduct thorough research before making any investment decisions.
/p>
