NewsletterToncoin (TON) Price Surge 6% As Telegram Allow Stars Withdrawal to TON
Highlights
- Toncoin is trading at a new all-time high of $7.65, with a market cap of $18.6 billion.
- Analyst Ali Martinez reported a 237% increase in Toncoin whale transactions.
- Users will soon be able to withdraw the Telegram in-app currency Stars in Toncoin (TON).
Defying the broader market consolidation Layer-1 cryptocurrency Toncoin (TON), closely linked to telegram, has rallied by over 6.5%. As of press time, the Toncoin price is trading at a new all-time high level of $7.65 with a market cap of $18.6 billion with trading volumes soaring past $354 million.
Telegram Announces New In-app Currency Linked to Toncoin
On Thursday, June 6, Telegram CEO Pavel Durov announced a new in-app currency to facilitate the purchase of digital goods and services across all mini-apps on the Telegram platform, within a crypto-backed ecosystem.
The in-app currency, Stars, can be purchased with fiat currency through in-app purchases on iOS and Android, or directly within Telegram. Users can then use Stars to buy digital products within Telegram mini apps, such as Notcoin and Hamster Kombat, later hosted on the popular messaging platform. In the blog post, Telegram noted:
“With fast, user-friendly payments for digital goods and services, the bot and mini app platform will allow new types of businesses to reach over 900 million potential customers inside Telegram”.
Pavel Durov announced that developers on Telegram would soon be able to withdraw their Stars in Toncoin (TON), the preferred cryptocurrency on The Open Network. These transactions will occur on Fragment, Telegram’s marketplace for in-app usernames and advertisements.
Developers and vendors will then have the option to exchange their TON for other cryptocurrencies, including USDT, the world’s largest stablecoin, using the Wallet bot on Telegram.
TON Whale Activity, Will the Price Rally Continue?
The current Toncoin price rally comes on the backdrop of a strong whale accumulation happening for the altcoin. According to an update from top market analyst Ali Martinez earlier this week, Toncoin whale transactions surged by over 237% in a single day. Martinez’s charts also show that Toncoin whale transactions increased from a low of five over the past week to 27 as of June 3.
Analysts have been predicting the Toncoin price will rally to $10 if Bitcoin and the broader cryptocurrency resume the rally ahead this year.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- OCC Confirms That Banks Can Facilitate No-Risk Crypto Transactions
- Bitcoin, Ethereum, XRP, Solana Rally Ahead of Fed Rate-Cut Decision
- Bitwise Multi-Crypto ETF Featuring Bitcoin, Ethereum, XRP, Solana, Cardano Goes Live
- Standard Chartered Lowers Bitcoin Year-End Target to $100K Amid Crypto Sell-Off
- Breaking: USDC Issuer Circle Taps Into Privacy Trend with USDCx Launch on Aleo
- HYPE Price Drops 7% as $2.2M Shift and 10M Token Unlocks Stir Fear — What’s Next?
- Ethereum Price Breaks $3,390: What’s Driving 10% Surge?
- Shiba Inu Price Surges as Whale Transfers Hit Highest Levels Since June
- Bitcoin Price Alarming Patterns Point to a Dive to $80k After FOMC Decision
- Pi Network Price Could Surge to 15%, But Watch Out for This
- Cardano Price Prediction – Analyst Eyes 56% Rally as Taker Buy Dominance Strengthens
