The price of Toncoin (TON) has reached its highest point in almost a year, nearing $2.72, as the cryptocurrency benefits from a series of positive adoption developments. The native token of the Telegram Open Network recently became the 10th largest cryptocurrency by market capitalization. TON surged by 23% in the last seven days.
Source: CoinStats – Start using it today
Last Sunday, Telegram launched a new Giveaways feature that enables channel owners to randomly distribute prizes to their followers. To promote the feature, Telegram CEO Pavel Durov used $200,000 worth of TON to purchase Telegram Premium subscriptions for 10,000 users.
By utilizing TON within Telegram as a payment method, at least for this promotion, the company provided a real-world demonstration of the token’s utility. Since the Giveaways launch, TON has rallied nearly 20% alongside rising trading volumes, signaling strong buy-side interest.
As Telegram’s most prominent backer, the messaging platform’s growing integration of TON for payments and transfers has boosted the cryptocurrency’s adoption outlook. With 700 million active monthly Telegram users, TON could see significant usage if broadly rolled out on the app.
Other recent bullish developments include TON’s partnership with crypto firm Blockchain.com and its approval for use in Dubai’s financial free zone. These events have contributed to the token’s upward price momentum.
TON also faces tough resistance around its current price point between $2.60-2.70. This range has repeatedly capped upside moves since December 2021, raising the chances of a bearish pullback in the coming days or weeks.
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But with Telegram’s continuing integration plans, TON may eventually break out above its long-term ceiling. The cryptocurrency’s exceptional performance shows the potential adoption upside for tokens with strong real-world utility.
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