Connected to Telegram, Toncoin (TON) has seen a significant rise of approximately 50% since the beginning of the month, including a 15% increase in the last 24 hours, reaching its three-week high of $7.10 on May 10th. During the same period, Toncoin outperformed the broader crypto market, which itself increased by 15% in value.
Why Is TON Rising?
Toncoin’s price increase occurred just before the launch of a gaming project called Notcoin on May 16th. Notcoin is a social gaming app that operates within the Telegram app. To play, participants interact with the Notcoin bot and are encouraged to invite their friends to join. The main activity in the game involves repeatedly tapping a gold coin displayed on the screen, which allows players to earn a cryptocurrency called Notcoin. So far, over 34.5 million players have participated in this Notcoin event.
The Notcoin team confirmed an airdrop event for a new local cryptocurrency called NOT among the 34.5 million Notcoin token holders. Starting from May 16th, this cryptocurrency will begin operating on the TON Blockchain, which is part of The Open Network ecosystem.
Additionally, NOT will start trading on leading crypto exchange platforms including Binance and Bybit on May 16th. In the days leading up to the launch of NOT in the TON ecosystem, there was a significant increase in the total value locked (TVL) across the network. As of May 10th, TVL increased by 33% in May and sevenfold so far in 2024 to 40.58 million TON, underscoring the strong demand for Toncoin.
Significant Development for TON
On May 2nd, Pantera Capital announced an undisclosed investment in The Open Network, citing the integration with the Telegram messaging service in April as the main factor behind the investment. Pantera Capital argues that the partnership between Open Network and Telegram, which has a massive reach of 900 million monthly users and 36.7 million downloads, will make Open Network one of the largest crypto networks. Since the announcement, the value of Toncoin has risen by approximately 46%, reflecting the market’s optimistic response to these developments.
