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Bitcoin and popular altcoins have been the focus of many investors, yet they may have missed the rise of a lesser-known cryptocurrency. The Telegram-backed TON Coin has reached a market value of over $22 billion with its recent surge. Previously highlighted at the $7 level, it now boasts a market capitalization of $23.26 billion, making it the ninth largest cryptocurrency.
TON Coin’s Climb
Toncoin (TON) has surpassed Cardano‘s token to become the ninth largest cryptocurrency by market value today. Although it is the fifteenth most traded cryptocurrency in terms of volume, TON Coin has not been very visible on social media and news feeds. The project’s interest has grown as it develops collaborations with Telegram and begins to promote its own ecosystem.
Investors who can farm tokens through Telegram in network applications are also helping to drive the price increase. On the other hand, Telegram, with over 500 million active users, is one of the most heavily used platforms by cryptocurrency investors.
Why Is TON Coin Rising?
The rally began with TON developers launching a project that allows users to verify their identities using palm scanning technology. This might sound familiar, as Worldcoin was doing something similar with eye scanning. TON Coin officials allocated 5 million coins to support this initiative, and the price surge started the following day (today).
On March 20th, TON allocated $38 million for token mining and user incentives. They also set aside $22 million for airdrops and $15 million for The League developer ecosystem. Its ambitious stance on expanding its ecosystem is supported by this $115 million fund. The growing interest in Telegram-backed TON Coin applications is also pushing the price higher.
All these factors indicate that the price of TON Coin could rise further in the future. While the TON Coin price has increased by 135% throughout 2024, ADA Coin has seen a double-digit drop in the same period. Interest is now shifting towards newer and more exciting projects.
