Telegram’s TON sees over 30% jump in 7 days
Telegram has announced a shift in its revenue model, propelling the TON token to surge by over 30% in just one week as part of a bullish crypto market trend.
Telegram founder Pavel Durov, in an announcement on his channel, disclosed a significant development. Channel owners will receive 50% of ad revenue exclusively in Toncoin (TON). The shift is expected to create a “virtuous circle,” offering creators the option to cash out or reinvest in channel promotion.
TON has experienced a significant uptick, with its price soaring to $2.75, marking a remarkable 30% increase over the past seven days. With a circulating supply of 3.5 billion TON, the cryptocurrency now boasts a market cap of $9.5 billion, making TON the 18th largest cryptocurrency in the world.
Addressing concerns about concentration and centralization, Telegram co-founder Pavel Durov announced limitations on TON holdings to 10% per investor.
The decision responds to worries about Telegram’s unhealthy share of Toncoin due to exclusive advertising sales for TON. The plan includes selling surplus TON holdings at a discounted rate to long-term investors, promoting stability and reducing volatility.
The announcement by Telegram to integrate TON as the exclusive payout currency for ad revenue sharing marks a monumental stride. As Telegram channels collectively amass a trillion views monthly, the potential volume of TON distributed through this program sparks curiosity.
Known as the token Telegram nearly launched, Toncoin faced setbacks in 2020 when the SEC lawsuit halted Telegram’s crypto ambitions.
Left in the hands of community developers, TON evolved into an open-source blockchain platform, driving projects like the engaging game and memecoin called Notcoin.
Toncoin has since resurfaced with increased demand and is endorsed by Pavel Durov. Available on major exchanges, Toncoin has become a cryptocurrency worth watching.
Binance’s TON perpetual contracts
In a decisive move that amplifies the growing excitement surrounding the Telegram Open Network, Binance, a major player in the cryptocurrency exchange sphere, is set to expand its futures lineup. The highly-anticipated development involves the introduction of perpetual contracts featuring Toncoin on Binance Futures.
Scheduled for launch on March 1 at 12:30 UTC, the TON/USDT perpetual contract is poised to make a significant impact. Including maximum leverage of up to 50x offers traders an expanded playing field for potential gains.
On prominent exchange Binance, the spot trading platform does not support TON. Despite the absence of spot trading, Binance provides valuable coin price tracking and market information on its platform, setting the stage for potential future additions to its TON offerings.
Amidst TON’s surge, Bitcoin (BTC) has also shown strength, edging closer to its all-time high at $67,000. Ethereum has experienced a 12.4% gain in the past seven days, reaching $3,550. The market dynamics, including the launch of new ETFs and the Grayscale Bitcoin Trust outflows, provide a backdrop to TON’s rise.
Bitcoin’s proximity to its all-time high prompts speculation, but long-term investors express confidence in sustained demand driven by new U.S. ETFs and the upcoming April halving event.
