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HomeAltcoinToncoin (TON) Tops the Gainers’ Charts With A 20% Surge

Toncoin (TON) Tops the Gainers’ Charts With A 20% Surge

  • Telegram collaborates with TON blockchain for the upcoming Auction Platform.
  • Toncoin (TON) traded at $1.80 with a 20% surge at press time.

Surprisingly, Toncoin (TON), the cryptocurrency closely related to Telegram, outshined the rest of the cryptos with a 20% price surge. This significant spike is seemingly linked to the global outage that the Meta-owned social messaging app, WhatsApp, faced on Tuesday.

TON/USD Price Chart (Source: CoinMarketCap)

Telegram is a well-known contender of WhatsApp. As of Q2 2022, WhatsApp surpassed and onboarded over 2 billion monthly active users (MAU) and Telegram with over 700 million MAU. On Tuesday, WhatsApp went down facing an outage for nearly 2 hours globally in countries like India, the UK, Turkey, and a few more. Users face inconvenience in accessing primary services such as sending text and video messages across the Meta-owned platform.

This led users to flag reports and switch to the obvious alternative – Telegram. Traffic to Telegram triggered a surge in Toncoin (TON). This was evident in the brief rise that TON exhibited instantly. TON was up more than 4% during the outage from $1.48 to $1.55 as per data from CMC

At press time, Toncoin (TON) ranked 31st on CoinMarketCap with an overall market cap of $2,136,534,087. Notably, 24h trading volume of TON skyrocketed by 279.84% to $34,766,798 at the time of writing.

Close Affinity with Telegram

Toncoin (TON) is the native cryptocurrency of The Open Network (TON) blockchain, a project that was initiated by the founders of Telegram. Due to the pact with the SEC, Telegram discarded the project from under its organization. But yet the affinity between these two was never cut off.  

Telegram had launched several features with the help of the TON blockchain. Primarily, it enabled the crypto payment options on the messaging platform. Now, Telegram and TON are headed for serious collaboration with the upcoming launch of the Usernames Auction Platform. This TON-based platform will initiate the auctions of unique Telegram domain usernames powered by the native crypto $TON. 

The announcement of this launch also caused a prominent surge in the price of $TON. Furthermore, One more launch is queued up for the network. The launch of the Ethereum-Binance Smart Chain Bridge on the TON blockchain will soon enable the cross-chain token transfer. TON blockchain is predominantly expanding its functionalities with such collaborations.  

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