Surging Toncoin Price And Telegram Bot Tokens – What’s The Connection?
04 September 2023 - 12:30PM
NEWSBTC
Toncoin (TON) has taken the crypto market by storm, but its
meteoric rise has also cast a spotlight on Telegram-bot tokens,
drawing attention to the historical affiliation between TON Network
and the instant messaging giant, Telegram. Crypto enthusiasts
have long regarded Telegram as a pioneer in exploring blockchain
technology. Toncoin’s genesis lies in the “Telegram Open Network”
(TON) project which, after facing legal hurdles, rebranded as “The
Open Network” in 2020. In recent months, TON has witnessed a surge
in investor interest, evident from on-chain data and Santiment’s
TON Social Dominance chart, which recorded a significant spike in
June 2023. This heightened attention has played a pivotal
role in propelling TON’s price upwards, with its current value at
$1.89, as reported by CoinGecko. Notably, TON has gained 1.8% in
the last 24 hours and an impressive 28.9% over the past seven days.
Source: Santiment Telegram-Affiliated Tokens Outshine The Crypto
Market While the global crypto market cap has seen a contraction of
nearly 10% since August 1, Telegram-affiliated tokens have defied
the trend, delivering consistent double-digit gains during the same
period. This intriguing correlation hints at the emergence of yet
another thriving sector within the crypto market. What adds to the
intrigue is the fact that these bot tokens have yet to find their
way onto mainstream exchanges. As a result, the fear of missing out
(FOMO) could intensify among strategic investors eager to
capitalize on potential gains once these tokens hit the exchange
listings. Related Reading: Shiba Inu Price Faces Potential Loss As
Bearish Pattern Emerges Toncoin Breakout Signals Market Shift
September 1 marked a significant turning point for Toncoin, as its
price broke free from the resistance trendline that had held it in
a downtrend for over eight months. This breakout signifies a change
in market dynamics, where participants may transition from selling
on rallies sentiment to buying on dips. TON market cap currently at
$6.4 billion. Chart: TradingView.com The road ahead for TON appears
promising, with price targets set at $2, $2.37, and $2.64. These
milestones represent the evolving landscape of Telegram-affiliated
tokens and the growing influence of the TON Network within the
crypto ecosystem. Related Reading: BNB Price Forecast: Will
It Break Through Resistance At $225? In the midst of Toncoin’s
solid ascent, Telegram-bot tokens have come into focus, rekindling
interest in the TON Network’s close ties with Telegram. This
newfound attention has triggered a significant surge in TON’s
value, while the broader crypto market grapples with fluctuations.
As these tokens await mainstream exchange listings, strategic
investors eagerly eye potential gains in this burgeoning sector,
fueling the ever-expanding crypto narrative. (This site’s content
should not be construed as investment advice. Investing involves
risk. When you invest, your capital is subject to risk). Featured
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