Toncoin is on the Rise, But Why?

By Tikur | TikurCrypto | 16 Dec 2022

The last few days has been exceptional for Toncoin (TON), with a price increase of over 30%, the token is outperforming other major coins currnetly.

TON price for the last 7 days

**TON price for the last 7 days

On Sunday, the price of TON was around $1.85 but it quickly rose to $2.14 on Monday. The price managed to hit its highest price during the last 7 days with $2.85 and currently being traded at the price of $2.40 (This price may change by the time you read this). So the big question is 'why the sudden jump?' but before that lets discuss few thing about the token.

What is Toncoin (TON)?

Toncoin (TON) is a decentralized blockchain that was first launched in 2018 by the popular messaging service provider, Telegram. TON foundation later took over and changed the name from 'Telegram Open Network' to 'The Open Network'.

Toncoin uses the Proof-of-Stake (PoS) consensus mechanism and according to the platform's analysis, out performs other major PoS tokens by a good margin. (You can find the full analysis here: https://ton.org/en/analysis)

TON vs ETH vs SOL

**TON Vs. ETH Vs. SOL

Toncoin's goal is to create a platform that has fast transactions, low transaction costs, scalable and ideal for mass adoption. In most levels, the platform did manage to achieve it but there is still room for improvement.

Toncoin Token (TON)

There is a total supply of 5 billion Toncoin (TON) but only 1.22 billion are currently in circulation. Toncoin can be used:

to pay for transaction fees and other services,
for staking and
for governance.

Toncoin has an all-time-high price of $5.29 that was registered in 2021 and an all-time-low price of $0.519 which was also registered in 2021. It has a market cap of $3.47 billion which helped it be ranked 22nd when compered with other coins.

TON price

**TON Price

In the last few days the price of Toncoin performed impressively but the price is showing some decline today. This aggressive price increase was due to a simple reason, Telegram started providing anonymous phone numbers that users can buy using the token to create an anonymous Telegram account. Just like Telegram usernames, people can visit https://fragment.com/ and bid on these anonymous virtual phone numbers to acquire one.

bid **Anonymous phone number bid

Currently, the phone numbers +888 8 888, +888 0000 0000, and +888 8 444 are leading the bid with 40,205 TON ($97,968), 3,377 TON ($8,206) and 2,757 TON ($6,700) respectively. But you can find one as cheap as 4 or 5 TON which is around $10.

This encouraged investors to flock to the token, increasing the demand and ultimately forcing the price to rise. I do have my doubt in whether this rise will continue but you never know these days. In addition, the current FUD intensifying around Binance may not be a good sign for the overall crypto market. Hopefully all will pass and we get to enjoy a stress-free investing in 2023.

So what are your thoughts on Toncoin?...... Let me know in the comment section.