Telegram’s Toncoin (TON) Up 17% as Rival WhatsApp Crashes
TON may be the highest gainer for today, having surged by over 17%, but it is not the only coin surging at the moment.
It appears that the Telegram-based Toncoin (TON) cryptocurrency is riding on the waves of rival WhatsApp’s recent misfortune. This follows after the cryptocurrency started seeing gains following the earlier crash of WhatsApp messenger. As of publication, Toncoin (TON) is up by over 17% in the last 24 hours, per CoinMarketCap data.
It is noteworthy, however, that the impact of the disruption of WhatsApp is not only evident in TON quotes. It has also caused a spike in search queries for the keyword “Telegram,” as users look to find an alternative messenger platform.
How Toncoin (TON) Is Linked to Telegram
For the record, TON is not directly linked to Telegram. But it is a fact that they both are friendly projects.
In the developing years of the TON blockchain, the entire project was initially funded by Telegram’s founder, Pavel Durov. However, Durov had to step back after agreeing with US regulators to do so in May 2020.
Nonetheless, there have been nonstop partnerships and integrations between the two projects ever since. For instance, Telegram already added support for TON’s crypto wallet and its peer-to-peer P2P market. The messenger also recently sold out the NFT TON Punks collection and helped announce an auction for short names on Telegram. Something in line with the Ethereum Name Service domains.
Crypto Market Is Rallying
Meanwhile, TON may be the highest gainer for today, but it is not the only coin surging at the moment. Its surge is merely a further validation of an ongoing general crypto market rally.
Most cryptocurrency prices are in green with Bitcoin rising above the $20,000 mark, albeit for the first time in over two weeks. Ethereum is outperforming BTC, while altcoins such as Binance Coin (BNB), Solana (SOL), and others are also rising impressively.
So far, the crypto market cap has surged about 7.04% to $993.41 billion and its trading volume was up by 152.13 percent to $114.13 billion, according to data from CoinMarketCap at 10.33 am.