Toncoin (TON), the native token of the TON blockchain, has been in the spotlight in the crypto market due to its recent bullish performance and significant investment from MEXC Ventures.
In the last 24 hours, Toncoin has experienced a 4% increase, trading around $2.12 at the time of writing according to data provided by CoinMarketCap. This surge surpasses other leading cryptos like Bitcoin (BTC) and Ethereum (ETH), which have maintained their prices at $27,640 and $1,630, respectively.
This upswing in Toncoin’s value comes after the announcement of an “eight-figure” investment from MEXC Ventures, the investment arm of MEXC Exchange. This investment represents an injection of over $10 million into the TON ecosystem and will support various TON-based projects, including Megaton Finance, TONPlay, Fanzee, and Sonet.
In addition to the financial investment, MEXC Exchange will offer marketing services and 0% trading fees for Toncoin, further enhancing its adoption and visibility in the market.
Together, they’re making Web3 globally accessible and easy to use, aiming to put #Web3 in every pocket.
Learn more👉… pic.twitter.com/BLtFs2LEcJ
— TON 💎 (@ton_blockchain) October 5, 2023
Toncoin’s success is not a recent phenomenon
Since mid-September, the token has been on a bullish rally, driven by the integration of the TON crypto wallet into Telegram and Telegram’s commitment to support the TON ecosystem at the Token2029 conference.
This partnership has led to a significant increase in activity on the TON blockchain, with more than 200,000 transfers recorded on September 17.
Moreover, over 2,400 new addresses joined the network on that day, highlighting the steady growth of the community. In total, over the past two years, 3.5 million accounts have been created on the TON blockchain, and this data is readily accessible through the official TonCoin website.
Toncoin’s performance has been impressive compared to other leading cryptocurrencies. In the last quarter, Toncoin saw a 58.8% increase, while Bitcoin and Ethereum experienced negative gains during the same period.
This remarkable improvement in Toncoin’s valuation can be partly attributed to the successful integration of the TON crypto wallet into Telegram, facilitating the adoption and usage of the currency.
This integration resulted in a significant uptick in activity on the TON blockchain, with over 200,000 transfers in a single day and consistent community growth, Toncoin currently has a MarketCap of approx. $7.29B ranking 11th out of the 8,999 active cryptocurrencies listed on CoinMarketCap.
With a solid performance in a challenging quarter for other cryptocurrencies, Toncoin finds itself in a strong position within the ecosystem and could continue to attract the attention of investors and enthusiasts alike in the near future.