- The TON price has risen nearly 90% due to integration with Telegram, despite no official affiliation.
- The number of active TON addresses on Ethereum has increased sevenfold, totaling $3 million in TON tokens transferred.
- The TON Foundation plans to integrate the TON blockchain with Telegram.
Toncoin (TON) has experienced a remarkable price surge of nearly 90% in the past month, and the catalyst behind this meteoric rise is the integration of TON into the popular messaging app Telegram.
It’s essential to clarify that TON and Telegram do not share any official affiliation despite this significant development. Nevertheless, the Ethereum network, where TON exists as a wrapped asset, has witnessed substantial changes due to this integration.
Data from IntoTheBlock reveals that the number of active TON addresses on Ethereum has multiplied sevenfold, exceeding 300 for the first time since December. Simultaneously, the TON tokens transferred on September 16th reached 1.2 million, equivalent to approximately $3 million – the highest recorded transfer since December.
The price of $TON has made a significant recovery in the last month. This increase has also resulted in a 7x+ increase in active $TON addresses on the Ethereum network. @ton_blockchain pic.twitter.com/7hfE29HfUt
— IntoTheBlock (@intotheblock) September 19, 2023
TON operates as an independent blockchain, but TON Coin on Ethereum is tradable on decentralized exchanges like Uniswap and Pancakeswap. These platforms have also experienced a surge in TON trading volume following the Telegram integration.
The TON Foundation has ambitious plans, including deeply integrating the TON blockchain with the Telegram app, which boasts 800 million active monthly users. This integration will introduce TON Space, a self-custodial wallet within Telegram, offering users access to digital assets and the ability to engage with mini-apps like Fragment, a marketplace for trading Telegram usernames that has already generated $120 million in value.
Despite past regulatory challenges and the absence of direct involvement from Telegram’s founders, the TON project continues to flourish under the guidance of an independent community of developers.
