The post Toncoin (TON) Targets $10 as Telegram Community Expands appeared on BitcoinEthereumNews.com.

Toncoin (TON) is showing resilience amidst wider market turbulence driven by the growth of Telegram worldwide. The Toncoin network continues to record impressive growth, with a 96.56% increase in June. Toncoin (TON) continues to lead the crypto market, defying the market downturn recorded by large-cap cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). The Telegram-backed altcoin has impressed for the better part of the year, leading to its rise into the top ten ranked coins in the market. While most large-cap coins posted losses on the week, TON defied the bearish pressure and posted substantial gains. At the time of writing, TON is exchanging hands for $7.44 after a 7.4% weekly gain. These gains are, in part, owed to its network growth. Recent data from DefiLlama shows that the network’s total volume locked (TVL) recorded a 96.56% surge in June to reach $646.5 million. This highlights great adoption and increased demand for the token. Continued growth in TVL sets the altcoin up for more gains in the long term. Additionally, the altcoin has seen its popularity bolstered by its association with Telegram. Through an exclusive partnership, Telegram uses TON to empower users with digital ownership. Last year, Telegram endorsed the project, saying the blockchain and its token would be its “official Web3 infrastructure.” Based on the growing popularity of Telegram, TON has continued to enjoy surging adoption. As of March, Telegram boasts 900 million monthly users who are now exposed to the TON ecosystem. Furthermore, TON has recently strengthened its partnership with Tether and expounds on adopting the stablecoin USDT within the TON ecosystem. Substantial investment has also been made in the ecosystem, with Pantera Capital Managing making the largest investment in its history in TON. The firm’s managing partner stated in an X post, ” We believe TON can…

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Filed under: News - @ June 27, 2024 8:08 am