The cryptocurrency Toncoin, associated with the messaging service Telegram, has witnessed a significant price escalation, soaring by 138% since the beginning of the year, culminating in a record value of $5.69. This financial leap is closely tied to the introduction of a novel revenue sharing system by Telegram, which rewards channel owners with half of the advertising earnings in Toncoin.
Toncoin’s Value Skyrockets Following Telegram’s Announcements
After Telegram hinted at an IPO in March, Toncoin’s value skyrocketed, climbing by 61% in just two days. Earlier ties between Telegram and the Ton network, despite now being separate entities, has positioned the latter as an attractive blockchain solution for Web3 development. Telegram’s endorsement has significantly boosted Toncoin’s profile and investor confidence.
The recent deployment of Telegram’s revenue sharing feature, which distributes advertising income in Toncoin, further fueled the digital currency’s value surge. The CEO’s initial revelation about the initiative led to a 25% jump in Toncoin’s worth, and the recent implementation of the program has seen a further increase of over 5%, elevating its market valuation to $18.6 billion and making it the twelfth largest token by market cap.
Strides in Community Engagement and Liquidity Incentives
In a strategic move, the TON Foundation unveiled The Open League, a community reward program valued at $115 million, aimed at propelling TON’s growth trajectory. Pilot results showed a 70% bump in total value locked and a staggering 370% rise in daily active wallets. The response to this initiative and an upcoming airdrop event have stirred investor enthusiasm, pushing Toncoin’s price up by 14%.
Points to Take into Account
- Telegram’s innovative revenue sharing model acts as an investment incentive for channel owners.
- The anticipated IPO and TON Foundation’s community reward program can potentially lead to further price increases.
- Investors should monitor the effect of increased daily active wallets and liquidity pool rewards on the token’s long-term value.
The momentum behind Toncoin is also bolstered by the TON Foundation’s commitment of $38 million worth of Toncoin to support a forthcoming project on the TON platform, indicating continued growth and investment opportunities in the ecosystem.