Toncoin (TON), a Layer-1 cryptocurrency closely associated with Telegram, has surged by over 6.5% amid news that Telegram users can now redeem its new in-app currency, Stars, into Toncoin.
This integration has driven Toncoin’s price to a new all-time high of $7.65, with its market cap reaching $18.6 billion. Trading volumes have also soared, surpassing $354 million at the time of reporting.
Telegram Introduces Stars for In-App Purchases and Toncoin Withdrawals
Telegram CEO Pavel Durov unveiled a new in-app currency called Stars on Thursday, June 6. Stars are designed to facilitate the purchase of digital goods and services within Telegram’s ecosystem of mini-apps. Users can acquire Stars through in-app purchases on iOS and Android or directly within the Telegram platform itself. These Stars can then be used to buy various digital products available in Telegram mini-apps like Notcoin and Hamster Kombat.
In a blog post, Telegram highlighted the convenience and speed of transactions for digital goods and services, enabling businesses to access over 900 million potential customers directly within Telegram’s platform.
Furthermore, Pavel Durov announced that Telegram developers will soon have the ability to convert their Stars into Toncoin (TON), the preferred cryptocurrency on The Open Network. This conversion process will take place on Fragment, Telegram’s marketplace for in-app usernames and advertisements. Developers and vendors will also have the option to exchange their TON for other cryptocurrencies, including USDT, using Telegram’s Wallet bot.
Toncoin Price Surge Fueled by Whale Accumulation
Toncoin (TON) is currently experiencing a significant price rally, driven by strong accumulation from whales within the cryptocurrency market. According to recent analysis by top market analyst Ali Martinez, Toncoin whale transactions spiked by an impressive 237% in a single day. Martinez’s data further reveals that whale transactions for Toncoin increased from just five transactions over the past week to 27 transactions by June 3.
Market analysts are optimistic about Toncoin’s future price trajectory, with predictions pointing towards a potential rally to $10. This bullish outlook hinges on the assumption that Bitcoin and the broader cryptocurrency market will resume their upward momentum later this year. If these conditions align, Toncoin could see further gains in the coming months.
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