- Telegram introduced a new in-app cryptocurrency called Stars.
- Users can utilize Stars to purchase digital goods within Telegram's mini-apps.
- This initiative aims to transform Telegram into a digital commerce hub for buying, selling, and swapping goods.
- Stars can be bought with fiat currency or converted to Toncoin on Fragment.
- Toncoin's value has surged in the past five years, with a 350% increase in the last year, currently at $7.5.
- A breakout from the $7.5 - $7.8 range could trigger a significant price increase for Toncoin.
In a bold strategic maneuver that merges the realms of cryptocurrency and social media, Telegram has unveiled the debut of its own in-app digital currency, christened 'Stars'. This announcement comes hot on the heels of Toncoin's meteoric rise, surpassing both Shiba Inu and Cardano to claim the 10th spot in terms of market capitalization.
Let's delve into the intricacies of this novel Stars cryptocurrency and its implications for both users and the crypto-centric ecosystem that Telegram is striving to construct.
The Emergence of 'Stars'
The revelation of Stars was relayed by Pavel Durov in a Telegram dispatch earlier this week. Durov characterizes this fresh cryptocurrency as an in-app tender, essentially serving as "a means of transacting for digital services within mini apps."
This latest development aligns with Telegram's broader vision to transform the social media platform into a hub for digital commerce. Consequently, users will gain the ability to engage in buying, selling, and bartering goods and services directly within the platform.
Furthermore, users have the option to procure Stars tokens through in-app purchases on both iOS and Android platforms or directly within the Telegram interface.
These tokens can then be expended on digital wares tailored for employment within Telegram mini apps, such as Notcoin and the increasingly popular Hamster Kombat.
Additionally, Telegram developers will have the capacity to convert their Stars earnings into Toncoin on The Open Network via Fragment, Telegram's username and ad marketplace.
Implications for $TON
Toncoin has exhibited remarkable price performance, registering a surge of approximately 2% within the past 24 hours and a notable 17% spike over the preceding week.
The upward trajectory of Toncoin becomes even more pronounced when considering its staggering 350% surge over the past year, outshining competitors like Shiba Inu, Avalanche, and Cardano.
In June 2023, Toncoin was trading at a modest $1.5, while in June 2022, it hovered around $0.9. However, as of the latest update, its value stands at roughly $7.5, indicative of robust organic growth.
Data from IntoTheBlock underscores that 100% of TON holders are currently in profit, with a significant portion having entered the market within the last year or less.
Furthermore, all indicators are flashing bullish, hinting at the possibility of substantial price surges in the coming weeks to months.
Technical analysis reveals that TON is currently encountering resistance within the $7.5 to $7.8 range. A breach beyond this resistance zone could catalyze another upward price surge.
Investors are advised to monitor developments closely, particularly within the $7.5 to $7.8 range.
Disclaimer: While Voice of Crypto endeavors to furnish accurate and timely information, it disclaims liability for any omissions or inaccuracies. Cryptocurrencies are inherently volatile assets; thus, individuals are urged to conduct thorough research and exercise prudence in their financial decisions.