The post The secret behind Toncoin’s success appeared on BitcoinEthereumNews.com.

Toncoin has been on an unstoppable run so far this year, with Telegram now on the brink of attracting one billion monthly active users. But will it last? The rankings of the world’s biggest cryptocurrencies by market cap don’t change all that often. Bitcoin has cemented its position at number one, with Ether (ETH) a solid second and Tether (USDT) immovable in third. But there’s one digital asset that’s seen its status surge in recent months — and that’s Toncoin. Billed as “the future of currency,” it has close ties to the immensely popular Telegram messaging app and has had a pretty box office year so far. On January 1, Toncoin was the 15th-largest coin with a price of $2.33 and an overall valuation of $8 billion. Fast forward to now and it’s now ninth — leapfrogging the likes of Cardano and Avalanche after its market cap doubled to $17 billion in just seven months. TON is now tantalizingly close to overtaking memecoin stalwart Dogecoin in eighth place, which would be another milestone in its seemingly unstoppable rise. But what’s been behind this coin’s huge success, and is it primed to continue?  Source: TradingView The TON story so far Telegram had made a huge splash when it began work to establish its own Layer 1 chain back in 2017 — and ended up selling what were then known as “Gram tokens” to fund development. But this subsequently led to a run in with the Securities and Exchange Commission. The threat of legal action ultimately prompted Telegram to abandon the project in the middle of 2020, with a decentralized team of developers vowing to pick up where the social network left off. Since then, it’s fair to say The Open Network has gone from strength to strength. In a significant development,…

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Filed under: News - @ August 4, 2024 3:58 am