
Telegram-based cryptocurrency Toncoin (TON) seems to be riding the waves of recent misfortune by rival WhatsApp. This comes after the cryptocurrency began to rise after the collapse of the WhatsApp messenger. At the time of publication, Toncoin (TON) was up more than 17% in the last 24 hours, according to CoinMarketCap data.
However, it should be noted that the consequences of a failure in the work of WhatsApp are manifested not only in TON quotes. It also sparked a spike in searches for the keyword "Telegram" as users search for an alternative messaging platform.
How Toncoin (TON) is related to Telegram
For reference, TON is not directly related to Telegram. But the fact that they are both friendly projects is a fact.
During the years of ton blockchain development, the entire project was originally funded by Telegram founder Pavel Durov. However, Durov had to retire after he agreed with US regulators in May 2020.
However, since then, there has been an ongoing partnership and integration between the two projects. For example, Telegram has already added support for the TON crypto wallet and its peer-to-peer P2P market. The messenger also recently sold off the NFT TON Punks collection and helped announce an auction of short names on Telegram. Something according to ethereum name service domains.
Meanwhile, TON may have picked up the biggest gain today, but it's not the only coin growing at the moment. Its growth is only an additional confirmation of the ongoing general rally in the cryptocurrency market.
Prices for most cryptocurrencies are in the green zone, and bitcoin has risen above the $20,000 mark, albeit for the first time in two weeks. Ethereum is ahead of BTC, and altcoins such as Binance Coin (BNB), Solana (SOL) and others are also growing impressively.
So far, the capitalization of the crypto market has grown by about 7.04% to $ 993.41 billion, and the trading volume has grown by 152.13% to $ 114.13 billion, according to CoinMarketCap data at 10:33 am.
Read more:
Tencent wants to develop an AI-enabled product like ChatGPT
Chinese EV start-up Zeekr achieves higher valuation than Xpeng
Dollar rises as economic clouds thicken
The yen rises on reports that the Japanese government has decided on a more flexible inflation target
Sterling rises amid weakening of the dollar
Gold sees weekly decline amid hawkish Fed signals
Bank of America beat forecasts thanks to higher interest rates in higher interest rates than expected in bond trading
Oil is growing up to $ 90, since OPEC+ considers the possibility of reducing production
Sterling rises against the dollar amid lower inflation in the UK
Bitcoin fell below $20,000 to its lowest level since mid-July as investors dump risky assets
Stocks making the most pre-market moves: Lowe's, Target, TJX and more
Yen targets biggest weekly gain in 4 months at peak U.S. rates
Stocks with Biggest Premarket Moves: Twitter, Wynn Resorts, Las Vegas Sands and more
Gold continues to fall amid strengthening dollar, the focus of the views of central banks
European stocks decline as inflation unnerves markets
Oil recoups early losses and becomes positive, despite fears of recession
Gold falls amid approaching Fed rate decision