Toncoin (TON) Price Surge 6% As Telegram Allow Stars Withdrawal to 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.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.